On Thursday, Bitcoin (BTC) was up 5.04%. After gaining 2.91% on Wednesday, BTC ended the day at $18,856. It should be noted that BTC visited $19,000 for the first time since November 8, extending its winning streak to five sessions, its longest winning streak since September.
After a bullish morning session, Bitcoin fell to an afternoon low of $17,866, avoiding the first major support level (S1) at $17,509, and Bitcoin reached a late high of $19, 112 USD. BTC breached the first major resistance level (R1) at $18,202 and the second major resistance level (R2) at $18,452 to end the day at $18,856.
The FTX and US Inflation updates provide a breakout for the Thursday session
On Thursday, investors turned their focus to the US economic calendar and the all-important US CPI report. Annual US inflation eased from 7.1% to 6.5%, and consumer prices unexpectedly fell in December.
Stable labor market conditions in the US contributed to the upside. Initial jobless claims fell from 206,000 to 205,000 in the week ending January 6th. The latest figures and the US jobs report for December reflect difficult labor market conditions.
The latest numbers supported market bets on a softer interest rate path while raising hopes of a soft landing. In response, the Nasdaq rose 0.64%, and the S&P 500 ended the day 0.34% higher.
The mid-week news that FTX held more than $5 billion in cash and cash equivalents and $4.6 billion in non-strategic assets reduced the risk of FTX infection and provided further support.
Today, US economic indicators and corporate earnings will provide direction. With top-tier US banks in the spotlight, a bleak outlook could overshadow positive statistics and test appetite for riskier assets. JPMorgan Chase (JPM), Citigroup (C), and Bank of America (BAC) will all release earnings results.
The NASDAQ mini index is down 47.5 points this morning.