Bitcoin Price Prediction as US Income and Spending Data Is Released – Bear Market Nearing End?

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

The crypto market is anticipating the release of an important macroeconomic report that could dictate the direction of asset prices. 

In light of this, what do analysts think, and how could this impact the price of Bitcoin?

Bitcoin Price Action

Currently, the leading cryptocurrency trades at $18,902, a 5.76% downtrend in the past 24 hours. However, its weekly performance depicts a loss of 0.50%.

Bitcoin Price Prediction as US Income and Spending Data Is Released – Bear Market Nearing End?

Bitcoin’s performance has affected its technicals. The asset currently trails its major moving average (MA) indicators, although it trades above the 10-day MA of $18,900. With the market in a bearish position, BTC is expected to slip below that line soon. 

BTC’s moving average convergence divergence (MACD) is also negative, giving off a sell signal. However, long-term investors can take solace in the asset’s relative strength index (RSI) of 45.21, which shows it is still underbought. 

Dollar Gains Ground, Dragging Bitcoin Down 

The market’s current position appears to be driven by US dollar price gains. The US Dollar Index (DXY) edged higher in the early hours of Wednesday, meaning that the greenback has gained more momentum after dropping on Tuesday.

The dollar’s gain has proven to be crypto’s loss. The crypto market is down by 5.09%, with its total market valuation (TVL) currently at $921 billion. 

Income and Spending Data Incoming

This week, the market is gearing up for yet another macroeconomic report from the government. On Friday, the Bureau of Economic Analysis will release a report on personal income and spending that will reveal where and how inflation has affected consumer spending.

In July, personal spending in the United States jumped by just 0.1% month-over-month – compared to analysts’ expectations of 0.4%. That marked the weakest performance thus far in the year, compared to a 1% increase in June. 

While consumer spending has remained resilient despite the rising threat of inflation, the Federal Reserve’s recent hike in interest rates by .75 basis points is expected to have a more pronounced effect on the metric.

The Consumer Price Index (CPI) jumping higher than expected for August should also spill over into consumer spending. If these indices come out higher than analysts expect, they could weigh on the dollar’s price, stalling its rise. And with the dollar moving in inverse correlation with Bitcoin right now, a drop in its value could lead to Bitcoin’s price surge. 

Tamadoge Presents An Opportunity to Beat the Trends

As things stand, the market is in a very finicky position. Investors will be waiting eagerly for Friday’s spending data release, which could affect the prices of digital assets in the short term.

However, investors looking for long-term gains can find assets that have strong fundamentals at the moment. One such asset is TAMA. The coin is the platform token for Tamadoge – a blockchain gaming project that combines non-fungible tokens (NFTs) and makes a play for the metaverse. 

Following a successful presale where it earned $19 million in eight weeks, TAMA has now listed on the OKX exchange. In the past 24 hours, the asset garnered $4.36 million in trading volumes, showing massive investor demand. 

This asset appears to be set for a massive price surge, and investors should remain interested. 

  • Buy TAMA on OKX CEX
  • Buy TAMA on OKX DEX

NEWS RELATED

Aave Feeling the Squeeze Even After Failed Attempt by Mango Hacker

The trader who exploited Mango Market failed to do the same on Aave. But he did prove a point, and left Aave with $1.6 million in bad debt.

View more: Aave Feeling the Squeeze Even After Failed Attempt by Mango Hacker

Co-Founder of $3 Billion Crypto Firm Dies at 30 – Here’s What You Need to Know

Image source: Pixabay Tiantian Kullander, co-founder of $3 billion crypto finance service provider company Amber Group, passed away in his sleep on November 23.  The company’s official website now displays a pop-up that confirms the death of Kullander and also shares some details about his achievements.  “It is with the deepest ...

View more: Co-Founder of $3 Billion Crypto Firm Dies at 30 – Here’s What You Need to Know

Dogecoin Price Prediction as DOGE Shoots Up 13% - Can it Reach $1 by 2023?

Dogecoin price prediction is positive, as it has risen above $0.0870 and is now trading at $0.0910. Dogecoin, on the other hand, is struggling below the $0.0965 resistance level, which is extended by a 38.2% Fibonacci retracement level and a double top resistance level. Let’s take a closer look ...

View more: Dogecoin Price Prediction as DOGE Shoots Up 13% - Can it Reach $1 by 2023?

Bitcoin Price Prediction – Can BTC Rally to $20,000 This Week?

Bitcoin price prediction remains neutral on Saturday, with BTC consolidating from $16,400 to $16,780. The market volatility remains low despite the Thanksgiving holiday and a series of fundamentals driving risk-off sentiment and keeping investors in the dark. Singapore’s Central Bank Warns of Cryptocurrency Risks The Monetary Authority of Singapore (MAS), Singapore’s ...

View more: Bitcoin Price Prediction – Can BTC Rally to $20,000 This Week?

Oryen Network 200% Gain Sends Aave And Pancakeswap A Message That It Means Business

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content. Given its many benefits, such as the absence of laws and government policies, the decentralized finance (DeFi) industry is attracting much attention. This is in contrast to traditional financial (TradFi) systems, where you depend on ...

View more: Oryen Network 200% Gain Sends Aave And Pancakeswap A Message That It Means Business

Analysts Recommend Dropping Bitcoin (BTC), Ethereum (ETH), Orbeon Protocol (ORBN) Presale Sees Massive Demand

Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content. The market has been seeing red lately, which usually means massive green spikes will come in the months ahead. Bitcoin and Ethereum, the two titans of the crypto space, are nearing their bear market lows, while ...

View more: Analysts Recommend Dropping Bitcoin (BTC), Ethereum (ETH), Orbeon Protocol (ORBN) Presale Sees Massive Demand

Crypto Analyst Tommy Lee Changes His 2022 Bitcoin Prediction – This is What He Thinks Now

Tom Lee. Source: a video screenshot. Top Wall Street strategist Thomas Lee, who is also co-founder of Fundstrat Global Advisors, believes crypto will reemerge despite a lackluster performance in 2022.  Lee, who appeared in a recent interview with CNBC, said the current crypto bear market is nothing new. He ...

View more: Crypto Analyst Tommy Lee Changes His 2022 Bitcoin Prediction – This is What He Thinks Now

Why Arbitrage is a solid crypto investment strategy for 2023

Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content. 2022 has been a rough year for the crypto markets, involving a great deal of uncertainty, relating to digital asset prices, blockchain investment and exchange reliability. As a result, investment trends have adapted, with crypto ...

View more: Why Arbitrage is a solid crypto investment strategy for 2023

Best Crypto to Buy Today D2T, 25 November – D2T, XRP, TARO, TRX, RIA

Dash 2 Trade Raises $7M, Accelerates Development to Tackle FTX Fallout

Dogecoin Gets Double-Digit Black Friday Pump

New Metaverse Game Backed by LBank Labs Could Easily 25x – How to Buy Early?

Crypto Black Friday Deals: Silks is Outperforming the Competition with the Avatar&Horse Bundle

Whales are Stocking Up on These Lesser Known Cryptos as Crypto Prices Go Down – Find Out Why

Good News: NFT Signals is running a Black Friday Offer- Don’t Miss it!

Binance Launches Proof-of-Reserve System for Bitcoin, Ethereum 'Coming in The Near Future'

Cloudbet Review, Bonuses & Promo Codes 2022

Matrixport Targets New $100M Funding Round at $1.5B Valuation

Bitcoin Price Prediction as BTC Holds Strongly Above $16,000 – Time to Buy?

Is It Wrong for DeFi Projects to Track Data?

OTHER NEWS

Breaking thailand news, thai news, thailand news Verified News Story Network