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Saturday, February 4, 2023

Bitcoin Price May Not Rise Above $18K

Although traders seem to be beginning to price comparable risks for both the upside and downside, the BTC futures premium continues to be a source of concern. Although investors may be jubilant that the price of bitcoin has risen beyond $17,400, 27 long days have gone by since the cryptocurrency’s previous breach of the $17,250 resistance.

Bitcoin reported a 6.5% recovery toward $18,000 on December 13 following a two-week lateral movement, and even if the current movement is still weak, traders think a retest of the $18,250 resistance is still feasible. The S&P 500 index reached its highest point in 26 days on Monday, Jan. 9, to start the week.

Bitcoin Price Is Still Sub-18K

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According to German retail sales figures released on January 6, November saw a 5.9% year-over-year decline. After 30 months of growth, the services sector of the American economy fell in December. A worsening economy is often indicated by PMI values below 50% for the services sector, which was 49.6%.

The Consumer Price Index (CPI) report, which is due out on January 12 and is likely to determine whether the Fed raises interest rates by 25 basis points or 50 in early February, is eagerly anticipated by investors. A lower-than-expected CPI might further improve the performance of the markets because economists anticipate that the data will indicate that inflation climbed by 6.6% in the year leading up to December.

Even Nevertheless, the effects of a 12-month bear market are still being felt, as reported personnel reductions at the digital asset management Osprey Funds in the second half of 2022 attest. For the brokerage accounts of its accredited customers, the investment business provides cryptocurrency solutions, including a trust.

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To determine if the current favorable price movement has ultimately made crypto investors’ attitudes optimistic, analysts should concentrate on Bitcoin futures.

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