Bitcoin Price Prediction as US Income and Spending Data Is Released – Bear Market Nearing End?

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The crypto market is anticipating the release of an important macroeconomic report that could dictate the direction of asset prices. 

In light of this, what do analysts think, and how could this impact the price of Bitcoin?

Currently, the leading cryptocurrency trades at $18,902, a 5.76% downtrend in the past 24 hours. However, its weekly performance depicts a loss of 0.50%.

Bitcoin’s performance has affected its technicals. The asset currently trails its major moving average (MA) indicators, although it trades above the 10-day MA of $18,900. With the market in a bearish position, BTC is expected to slip below that line soon. 

BTC’s moving average convergence divergence (MACD) is also negative, giving off a sell signal. However, long-term investors can take solace in the asset’s relative strength index (RSI) of 45.21, which shows it is still underbought. 

The market’s current position appears to be driven by US dollar price gains. The US Dollar Index (DXY) edged higher in the early hours of Wednesday, meaning that the greenback has gained more momentum after dropping on Tuesday.

The dollar’s gain has proven to be crypto’s loss. The crypto market is down by 5.09%, with its total market valuation (TVL) currently at $921 billion. 

This week, the market is gearing up for yet another macroeconomic report from the government. On Friday, the Bureau of Economic Analysis will release a report on personal income and spending that will reveal where and how inflation has affected consumer spending.

In July, personal spending in the United States jumped by just 0.1% month-over-month - compared to