Here are five potential BTC price influencers for the week ahead.
Volatility remained in action, with moves of several hundred dollars commonplace on hourly timeframes. A flash dip below the $21,000 mark at the time of writing wasAnalyzing levels to hold in the event of a broader retracement, on-chain analytics resource Material Indicators identified the 21-week moving average at $18,600.alongside an additional chart of the Binance order book.
This week will get off to a brisk start in terms of macro data, with producer price inflation data coming on Jan. 18. “We see this as a narrative shift in the market from the Fed and inflation to earnings: reactions to earnings have been increasing, while reactions to inflation data and FOMC meetings have been getting smaller,” they wrote,The strategists referred to the upcoming meeting of the Fed’s Federal Open Market Committee , which on Feb. 1 will decide on interest rate hikes.
“Larry made a statement saying the Fed’s fight against inflation is ‘much, much closer to being done.’ This is a ‘positive surprise’ to risk assets and supports the Fed pivot camp,” he argued.Bitcoin vs. Fed funds rate chart. Source: Ram Ahluwalia/ TwitterOn the topic of institutional interest recovery, another chart retracing the entirety of its FTX losses is the largest Bitcoin institutional investment vehicle, the Grayscale Bitcoin Trust .shows that as of Jan.
Behind the scenes, meanwhile, Grayscale continues to battle U.S. regulators over their refusal to allow it to convert GBTC to an exchange-traded fund based on the Bitcoin spot price.on Jan. 13, Craig Salm, Grayscale’s chief legal officer, made multiple references to the firm’s “commitment” to win its case and bring the first spot Bitcoin ETF to the market in the U.S.
If Bitcoin’s price recovery were not enough to get bulls excited, its network fundamentals tell a similarly encouraging story., marking its biggest uptick since last October.The move has obvious implications for Bitcoin miners, and suggests that the ecosystem is already benefiting from higher prices., miners had already been slowing the pace of their BTC reserve sales in recent weeks, while the difficulty increase reflects competition for block subsidies returning to the sector.
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