What to expect from Bitcoin and Altcoins this week as all eyes are on CPI data

On Sunday, Bitcoin surged but couldn’t break above $17,000; as a result, it is currently trading in a tight range between $16,900 and $17,000. However, the small rise took Bitcoin to its highest price since December 20, 2022.

Analysts expressed their excitement on Twitter when Bitcoin temporarily broke above the $17,000 mark. Crypto Kaleo wrote: It finally looks like BTC is ready to break out of the base $16,000-$17,000 range it has been stuck in for the past few weeks.

RektCapital wrote,

The current #BTC price action will likely feature as a large group in the formation of the bear market’s lower accumulation range.

However, analyst Michael Van De Poppe pointed to the Consumer Price Index (CPI) next week. He said,

Unemployment showed a positive number today as it came out lower than expected. however, it fell below 50 for the first time since 2008 and the COVID-19 outbreak. Unemployment will pick up in the coming months. Yields will fall off a cliff if the CPI is low. A relief rally is near.

A euphoric crowd feeling

After significant sell-offs over the past year, most cryptocurrencies are currently trading in the green as the first week of 2023 draws to a close. Notably, some assets are looking to build on the momentum that propelled a mini-rally as the basis for long-term gains.

The market value of all coins in the cryptocurrency market has “bounced back a lot in independent directions,” according to a tweet from market news platform Santiment. According to their analysis, traders are less interested in Bitcoin and Binance Coin due to “euphoric crowd sentiment” for Ripple, Ethereum and Cardano.

They wrote: With #crypto market caps bouncing a lot in unrelated directions, we are seeing particularly euphoric crowd sentiment on $XRP & $ETH. Traders are less interested in $BTC, $BNB and $ADA. Historically, #bearish sentiment projects perform better on average..

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