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Bitcoin and wider crypto prices have a strong headwind today after the release of the latest US economic data showing slowing inflation and slowing retail sales.

Bitcoin at the time of writing is priced at $21,565, up 0.9% and Ethereum is currently 0.85% higher at $1,602.

The closely watched U.S. retail sales figure fell -1.1%, higher than the -0.8% forecast by economists.

At the same time, producer price index (PPI) inflation fell to 6.2% against the headline figure of 6.8% that was expected.

The latest economic data should strengthen the Federal Reserve’s dove hand to slow interest rate hikes.

The data means the Fed is more likely to ease interest rates

Poor retail sales data suggests consumers are feeling the pinch of higher prices and are cutting back on spending.

This would have the effect of removing some of the demand from the economy that threatened to drive up inflation even further.

In other words, it means that raising interest rates is already doing the trick to bring inflation under control.

And PPI reading feeds earlier inflation data that points to a slowdown in inflation, which in turn will negate the need for the Fed to act more aggressively on interest rates.

If anything, it should help confirm the rationale for the shift in sentiment that has seen a rally in risky assets such as stocks and crypto.

Bitcoin’s next stop could be $30,000 to confirm the end of the bear market

Bitcoin is now trading comfortably above its 200-day simple moving average and the MACD is moving above the signal line. The volume profile shows strong volume at the current price.

The key target that can confirm that the bear market is over is a successful attack on the $30,000 price, a key resistance area, last visited in June 2022.

Now could be the perfect time to start accumulating bitcoins and top altcoins such as Ethereum. Solane and Avalanche.

Check out the presale market for 10x returns – MEMAG and FGHT

But even greater returns than investing in bitcoins could be up for grabs further up the food chain in the pre-sale market.

crypto games will likely be one of the sectors that leads the space out of the crypto winter and Meta Masters Guild is worth checking out in that regard. The project raised over $500,000 from enthusiastic investors in one week.

It aims to become the go-to platform for indie game developers in the gaming space to win and has a game called Meta Kart in late development.

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Fight Out is another pre-sale piece worth looking into. It has so far raised an impressive $3 million in its pre-sale.

This project takes the step to win the enthusiasm for the metaverse by combining a companion app with building a network of gym community hubs – all under the banner of the burgeoning combat sports theme.

Visit Fight Out now

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