Crypto Markets are expected to stay volatile this week due to several fundamental events. The SEC’s case against Ripple might come to an end. The US Consumer Confidence Data is expected on 25 April. Lastly, on 27 April, the US Bureau of Economic Analysis will release GDP Advance Estimates data.
We will also measure what will be the impact of all these figures on the price of cryptocurrencies, especially Bitcoin.
Ripple vs SEC Hopefully Might Reach an End
Several legal experts expect the XRP vs SEC debate to come to an end soon. Some even predict the date to be around 6 May 2023. This analysis is based on the track record of Judge Analisa Torres.
As the decision nears, the suspense increases around the result. A positive verdict will trigger another phase of a bull run while a neutral or negative verdict will plunge crypto prices to new lows this year.
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US Consumer Confidence Data on 6 May
The US Consumer Confidence Data will be released by the Conference Board on 25 April 2023. This data is crucial for the price of cryptocurrencies because strong confidence data is good for USD and therefore is good for all the cryptocurrencies that are priced in the USD.
Weak consumer confidence indicates that people might save more and will therefore have less discretionary income for riskier assets like cryptocurrencies.
There is high uncertainty around whether the data will be positive or not because of falling confidence data since the last few releases. Since early 2022, the data has been negative signalling weak consumer confidence.
Coupled with an upcoming recession, this shows more tough times.
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US GDP Data
The GDP advance estimates for the quarter will be released on 27 April. There is an unexpected scenario because of a severe banking crisis in the USA. The lack of liquidity has made it tough for the economy to function properly.
Though the federal reserve has released $2 Trillion in additional liquidity, the impact is yet to be seen with this release of GDP data.
Impact on Crypto Markets
Bitcoin and several other cryptocurrencies are at their critical support. If they break this support, there might be a severe fall in crypto prices.
Technical indicators show that:
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- RSI has been weak and currently is at 42.
- MACD is probably at its maximum divergence.
- Trading volumes are very low.
A move on either side will be significant for Bitcoin price. Ripple’s win would make the markets highly bullish while negative GDP and Consumer data coupled with Ripple’s defeat will plunge the prices much deep.
- Bullish Targets: If it moves positively, the price can go as high as $28,000.
- Bearish Targets: A break below $27,100 will plunge the prices toward $24,500.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
