What To Expect From Bitcoin and Altcoins This Week While All Eyes on CPI Data

On Sunday, Bitcoin soared but was unable to surpass the $17,000 mark; as a result, it is currently trading in a constrained range between $16,900 and $17,000. However, the small uptick resulted in Bitcoin reaching its highest price since December 20, 2022.

Analysts expressed their excitement on Twitter when Bitcoin temporarily surpassed the $17k milestone. Crypto Kaleo wrote, “Finally looks like BTC is ready to break out of the $16K – $17K base range it’s been stuck in the past several weeks.”

Rekt Capital wrote,

“The current #BTC price action will likely figure as an important cluster in the formation of the Bear Market bottom Accumulation Range.”

However, analyst Michael Van De Poppe emphasized on next week’s Consumer Price Index (CPI). He said,

“The unemployment showed a positive number today, as it came out lower than expected. however, went sub 50 for the first time since 2008 & COVID-19 outbreak. Unemployment will rally in the coming months. Yields will fall of a cliff if CPI is low. A relief rally is close.”

A ‘Euphoric Crowd Sentiment’

After significant sell-offs during the previous year, most cryptocurrencies are currently trading in the green as the first week of 2023 comes to an end. Notably, certain assets seek to expand on the momentum that has propelled a mini-rally as a base for long-term gains.

The market value of all coins in the cryptocurrency market has been “bouncing very much in independent directions,” according to a tweet from market intelligence platform Santiment. As per their analysis, traders are less interested in Bitcoin and Binance Coin due to the “euphoric crowd sentiment” for Ripple, Ethereum, and Cardano. 

They wrote, “With #crypto market caps bouncing very much in independent directions, we’re seeing notably euphoric crowd sentiment on $XRP & $ETH. Traders are less interested in $BTC, $BNB, & $ADA. Historically, #bearish sentiment projects perform better on average.”.

Source: https://coinpedia.org/altcoin/what-to-expect-from-bitcoin-and-altcoins-this-week-while-all-eyes-on-cpi-data/