BTC price 3-week highs greet US CPI — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts a new week on a promising footing with BTC price action near one-month highs — can it last?
In a new year’s boost to bulls, BTC/USD is currently surfing levels not seen since mid-December, with the weekly close providing cause for optimism.
The move precedes a conspicuous macroeconomic week for crypto markets, with the December 2022 Consumer Price Index (CPI) print due from the United States.
Jerome Powell, Chair of the Federal Reserve, will also deliver a speech on the economy, with inflation on everyone’s radar.
Inside the crypto sphere, FTX contagion continues, with Digital Currency Group (DCG) at odds with institutional clients over its handling of solvency problems at subsidiary Genesis Trading.
At the same time, under the hood, Bitcoin still shows signs of recovery from the FTX turmoil, with miners among those catching a break.
Cointelegraph takes a look at these factors and more as the second trading week of January gets underway.
Bitcoin managed to spike higher at the Jan. 9 weekly close, hitting levels absent from the chart since Dec. 16.
Data from Cointelegraph Markets Pro and TradingView shows local highs coming in at $17,250 on Bitstamp.
Despite only adding several hundred dollars, the move on BTC/USD did not go unnoticed given the extremely compressed trading range in place for many previous weeks.
Nonetheless, eyeing potential continuation, traders were less than willing to change their longer-term conservative perspective.
“Onwards and upwards to my $17,300 - $17,500 target,” Crypto Tony told Twitter followers in an update on the day.
Michaël van de Poppe, founder and CEO of trading firm Eight, likewise left the door open for some modest upside continuation, but warned that the start of the week
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