Bitcoin Hits $19,200, But will Momentum Continue? Blockchain News, Opinion, TV and Jobs

Marcus Sotiriou, Market Analyst at Listed Digital Asset Broker global block (TSXV:BLOK).

Bitcoin is currently facing resistance at $19,200 and yesterday’s CPI news may give hope to the outlook for global markets and cryptocurrencies in 2023. The headline y/y CPI was expected to drop from 7.1% to 6.55%, and it did.

The latest inflation data released by the Bureau of Labor Statistics on Thursday showed prices in December were 6.5% higher than a year earlier and down 0.1% compared to November. This is the first month-over-month price decline since May 2020.

Earlier, Morgan Stanley released some data that supports its forecast of lower inflation as the labor market continues to slow. Month-to-month change in US nonfarm payrolls showed a slowdown, which was associated with job gains and earnings growth. Moreover, it was shown that working hours are shrinking as both average weekly earnings and average weekly hours are decelerating. Additionally, ISM manufacturing and services data both show a compelling contraction in recent months.