• Bitcoin (BTC) price is eyeing a reclaim of $23,000 as positive economic data out of the United States boosts risk asset sentiment.
• The U.S. Dollar Index (DXY) is also gaining ground more rapidly than Bitcoin, following fresh economic data surprises from Washington.
• Analysts are expecting volatility in the markets, with the latest economic numbers from the United States delivering a pleasant surprise.
Bitcoin Price Eyes $23K Despite US Dollar Strength
The U.S. Dollar Index (DXY) is gaining ground more rapidly than Bitcoin after fresh economic data surprises from Washington pushed BTC/USD up to its highest in almost a week at $24,571. Market analysts are expecting volatility in the markets, with the latest economic numbers from the United States delivering a pleasant surprise and boosting risk asset sentiment significantly.
Retail Sales and Empire State Manufacturing Index Surpass Expectations
Retail sales and Empire State Manufacturing Index both surpassed market expectations, showing greater resilience in the economy despite restrictive policy at the Federal Reserve. Core Retail Sales and Retail Sales both smashed expectations while Manufacturing Index was also more positive than expected, causing relief rally that may continue to push BTC back towards $23,000 levels.
Consumer Price Index (CPI) Print In Line With Expectations
The Consumer Price Index (CPI) print for January came practically in line with expectations and provided only limited volatility as a result due to its minimal impact on Bitcoin’s price trajectory compared to other recent economic releases.
Analysts Reassess Short-Term Perspectives
Popular traders such as Crypto Ed were taken by surprise by today’s events and have reassessed their short-term perspective on the market given today’s gains that could potentially open up a road towards hitting $25k levels soon if reclaimed values of $22,3k remain bullish over time.
Stay Safe & Collect this Article as an NFT
Meanwhile investors should stay safe amid ongoing market conditions and tap into new technologies such as Non-Fungible Tokens (NFTs) that allow them to collect digital pieces of history such as this article for future generations to enjoy!