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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

What Matters In Crypto This Week: Will Bitcoin Keep Pumping?

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Bitcoin price

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Even though the next FOMC meeting of the U.S. Federal Reserve is still more than two weeks away, there are significant macroeconomic as well as crypto and Bitcoin-intrinsic events this week that investors should keep an eye on. As in previous weeks and months, it is very likely that the macro environments will steer the sentiment in the crypto market.

After the December 2022 CPI was released last Thursday at 6.5%, the crypto market turned strongly bullish. Bitcoin rallied more than 18% after the publication and stopped just short of the $21,450 level. The entire crypto is about to recapture the $1 trillion dollar market cap in the wake of this recovery.

What Marcoevents Will Guide Bitcoin This Week?

This week, China will announce the economic data for 2022, which probably won’t have that big of an impact unless there is a big surprise that affects the U.S. dollar. Still, it’s worth keeping an eye on China this Monday when the GDP growth rate year-over-year (YoY) is announced at 9:00 pm EST.

Also, the Bank of Japan’s (BoJ) interest rate decision could only become relevant if there is a surprise like last time. On Tuesday at 10:00 pm EST, the BoJ will announce its interest rate decision.

The expectation here is that it will leave interest rates unchanged. When the Japanese central bank surprisingly decided to raise the benchmark interest rate from 0.25% to 0.5% on December 20, BTC experienced a green daily candle.

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In the U.S., the Producer Price Index (PPI) is likely to be the most important data point this week. Even though the PPI hasn’t had much of an impact on the overall financial market and Bitcoin in particular lately, the PPI could reaffirm bullish sentiment on rising inflation or provide a damper.

The PPI data for December 2022 will be released on Wednesday, January 18 at 8:30 am EST.

Watch Out For The DXY

Perhaps the most important indicator at the moment of whether Bitcoin and crypto will continue to rally is the U.S. Dollar Index (DXY). The inverse correlation between Bitcoin and the DXY has been particularly high in recent weeks.

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The latest Bitcoin rally was fueled by a weakening U.S. dollar. However, the DXY has fallen into a historically important support zone.

DXY
DXY has fallen to 102, weekly chart | Source: DXY on TradingView.com

If the DXY experiences a bounce out of the support zone, it is likely that BTC will experience a retracement – which would be healthy given its current oversold state with an RSI of 89 on the daily chart.

Should the DXY fall below 101, the doors would be wide open for a sustained Bitcoin rally. In this respect, the macroeconomic situation probably remains the all-determining factor for the BTC price, provided there is no crypto-instinct catastrophic news.

First and foremost, Digital Currency Group (DCG), Grayscale, and Gemini remain in the spotlight with their unresolved conflict over Gemini Earn client funds at Genesis Trading, which could derail a rally even if the DXY continues to fall.

At press time, the BTC price stood at $20,861.

Bitcoin price BTC USD
Bitcoin is in an overbought state, daily chart | Source: BTCUSD on TradingView.com

Featured image from Kanchanara / Unsplash, Charts from TradingView.com

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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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