Bitcoin derivatives data is beginning to suggest that investor sentiment is improving, but noshitcoins says a BTC price rally to $18,250 won’t be easy.
On December 13, after a two-week-long lateral movement, Bitcoin posted a 6.5% rally toward $18,000 and even though the current movement still lacks strength, traders believe that a retest of the $18,250 resistance remains possible.To start the week, the S&P 500 index rose to its highest level in twenty-six days on Jan. 9. Weak economic data had previously fueled investors' expectation of slower interest rate hikes by the U.S. Federal Reserve and the Jan.
On Jan. 6, German retail sales data showed a 5.9% year-on-year contraction took place in November. In the U.S., economic activity in the services sector contracted in December after 30 consecutive months of growth. The Services PMI reading was 49.6%, and readings below 50% typically point toward a weakening economy.
Investors anxiously wait for the Consumer Price Index release on Jan. 12, which is more likely to dictate bets on whether the FED will raise interest rates by 0.25% or 0.50% in early February. Economists expect inflation to increase by 6.6% over the prior year in December, so a weaker-than-consensus CPI could further boost markets' performance.most of its staff during the second half of 2022.
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