Bitcoin Prices and Ethereum Prediction: BTC Bulls Aim Another Rally As BTC Consolidates Near $22,750
On January 23, the leading cryptocurrencies such as Bitcoin and Ethereum were consolidating in narrow ranges as investors seemed to wait for a solid fundamental reason to trigger a breakout.
Recently, both of the leading cryptocurrencies have extended their long winning streaks and have remained well bid around their best levels since mid-September, approximately $22,689 and $1,634 respectively.
Bitcoin has risen roughly 37% so far this year as investors ignore several crypto sector challenges, the most recent of which was Genesis Global Holdco LLC filing for Chapter 11 bankruptcy protection.
However, the current rise could be attributed to a weaker US dollar and positive Federal Reserve statements, as well as positive CPI statistics, which could keep Bitcoin above $22,000 if equity markets continue their recent rise.
Axie Infinity (AXS), Osmosis (OSMO), and Filecoin (FIL) were the top performers in the last 24 hours. OSMO's price increased by nearly 14% to $0.9835, while AXS's price increased by more than 23% to $11.40. At the same time, FIL has gained just under 13% to trade at $5.60.
Kava (KAVA) has dropped around 4.45% to $1.03 in the last 24 hours. Casper (CSPR) is down over 3.35% to around $0.036, and ApeCoin (APE) is down about 10.25% to $5.50.
The Bureau of Labor Statistics (BLS) CPI data released on January 12 showed total inflation for all urban consumers dropping by 0.1%, which appears to have been a major driver of the BTC and ETH rally.
Inflation has been declining for six months in a row, according to CPI statistics. However, the sharp drop in gasoline prices was one of the most significant drops in the analysis. In fact, both new and used car prices have dropped.
As a result, the CPI data comes with a warning
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