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Bitcoin and broader cryptocurrency prices are enjoying a strong tailwind today after the latest US economic data showed softening inflation and slowing retail sales.
Bitcoin is up 0.9% to $21,565 at the time of writing, while Ethereum is currently up 0.85% to $1,602.
Focused US retail sales fell -1.1%, beating economists’ forecasts of -0.8%.
Meanwhile, Producer Price Index (PPI) inflation eased to 6.2% versus the expected headline figure of 6.8%.
The latest economic data should strengthen the Federal Reserve’s pigeon hand to slow rate hikes.
Data Means Fed Likely to Ease Rates
Poor retail sales data suggest that consumers are feeling the pinch and are cutting prices.
That would have the effect of taking some of the demand out of the economy, which could further accelerate inflation.
In other words, higher interest rates are already playing a trick against inflation.
Also, the PPI figure has implications for previous inflation data that show inflation decelerating. This removes the need for the Fed to set interest rates more aggressively.
On the contrary, it should help confirm the rationale for the shift in sentiment that has seen the rally in risky assets such as stocks and cryptocurrencies.
Bitcoin’s Next Stop Could Be $3 Million To Confirm End Of Bear Market
Bitcoin is currently above the 200-day simple moving average and MACD is moving above the signal line. The volume profile shows strong volume at the current price point.
A key target that could confirm that the bear market is over is a successful attack on $30,000, the major resistance area last visited in June 2022.
It could be a great time to start accumulating higher altcoins such as Bitcoin and Ethereum. Solana and Avalanche.
Check out the pre-sale market for 10x returns – MEMAG and FGHT
But even greater returns than investing in Bitcoin could be further down the food chain in the pre-sale market.
Crypto gaming is likely to be one of the areas emerging from the crypto winter, and Meta Masters Guild is worth a look in that regard. This project has raised him over $500,000 in a week from enthusiastic investors.
Focused on being the go-to platform for indie game developers in the Play-to-Ear space, they have a game called Meta Kart that is in an advanced stage of development.
Visit Metamasters Guild Now
Another pre-sale coin worth noting is Fight Out. So far, the presale has raised him $3 million.
This project seeks to capture the Metaverse craze by combining a companion app with building a community hub network of gyms.
Visit Fight Out Now