Bitcoin Price and Ethereum Prediction: Will US CPI and Retail Sales Data Influence Price Movement Today?

cryptonews.com:

The cryptocurrency market has been volatile in recent weeks, with Bitcoin and Ethereum experiencing significant price swings. Traders and investors are closely monitoring the impact of macroeconomic data on digital asset prices. Today, all eyes are on the US Consumer Price Index (CPI) and Retail Sales figures, which are expected to provide insights into the strength of the US economy and inflationary pressures. 

Bitcoin and Ethereum have experienced significant gains in recent weeks, with BTC reaching a nine-month high of over $26,000 and ETH breaking through a critical resistance level of $1,700. However, the reason for their upward rally could be attributed to mildly encouraging inflation data released earlier and the financial industry's continued recovery from a near-catastrophic disaster.

The latest statistics show that US consumer inflation has decreased, but it still remains at high levels. This could prompt the Federal Reserve to maintain its hawkish stance. If macroeconomic factors continue to be favorable, Bitcoin may soon have the potential to reach the $30,000 mark.

Despite retracing some of its early gains, Bitcoin still remains 80% higher than its lowest point. Currently, Bitcoin and ETH are trading at $24,900 and $1,700, respectively. These bullish market movements suggest that the digital currency market is experiencing a positive sentiment.

Moreover, the rally in Bitcoin prices gained further momentum after the UK government expressed its support for Silicon Valley Bank. This news triggered a favorable sentiment among investors, leading to increased buying activity.

The rise in BTC's value reflects a positive sentiment towards the digital currency industry. As such, investors should closely monitor market