Bitcoin Strengthens Towards Publication of American Economic Data
Bitcoin looks to be strengthening towards the publication of American economic data which gives hope that this week Bitcoin will rise again giving new hope to the crypto market.
This movement is driven by the potential weakening of the US Dollar which until now still has a negative relationship with Bitcoin where if the US Dollar falls, Bitcoin will rise.
American Data Publication
It was reported that the data that will be published is data on the withdrawal of social assistance funds by the American people where this data shows how many people take the provided social assistance funds.
This is because not all people get social assistance funds and not all those who are entitled to receive social assistance funds will take the social assistance funds for several reasons such as lack of information or feel they do not need them but are entitled to receive them.
Data Publication Schedule
This data will be published on July 20 2023 at 19.30 WIB which is likely to provide high volatility for the US Dollar. This is because the data will provide two views of the American economy.
The first is the view regarding the current economic condition of the American people because more and more people take the aid, poverty is still increasing and the American economy is likely to continue to move negatively.
The second is the view regarding the money supply which generally gives a direct positive or negative impression on the US Dollar. If these data numbers increase, then the money supply will still increase, thus having a negative impact on the US Dollar.
In addition, this data comes from the fiscal or government side, so even though currently the US Central Bank from a monetary perspective is considered strong in suppressing the money supply or reducing inflation, if this data continues to increase, it means that there is no harmony between monetary and fiscal policies in America. .
This condition makes analysts unsure about the recovery of the American economy which is being discussed in the market today, thus adding to concerns about the falling value of the US Dollar which is likely to be a positive sentiment for Bitcoin.
For now the data predictions still look positive for Bitcoin because it can be seen that the data is said to be moving up so it seems that inflation will continue to increase or not drop drastically.
These conditions are good for risk assets like Bitcoin which can give new hope to the crypto market as a whole.
BTCUSD Daily Chart
From a technical point of view, this positive view is still supported because it is seen that currently Bitcoin is still moving up and will probably continue to move up towards the publication of this data.
This is also due to the instinctive consolidation movement that has occurred since the end of June 2023 so seeing that Bitcoin is currently at the lower limit of its consolidation zone, the current objective is price appreciation.
The 50 EMA indicator is currently showing a positive move with the direction of movement still looking up with a bottom around $29,000. The RSI indicator shows that transaction volume is still moving positively, although not significantly.
Finally, the MACD indicator shows that selling volume is currently decreasing, indicating a potential price appreciation supported by reduced incentives to sell and possibly increased buying volume.
The current target is still at $ 31,600 which is likely to be reached after the publication of the data. The strong bottom keeping Bitcoin currently seen at $29,600 has now been left behind to go higher.