3:00 ▪
3
Minimum read time ▪ up to
The Bitcoin market is on fire as US Federal Reserve Chairman Jerome Powell prepares for his much-anticipated speech. Despite the surrounding uncertainty, traders remain optimistic and expect BTC price to surpass the symbolic $65,000 mark.
Macroeconomic data facing Bitcoin
Bitcoin prices experienced a sudden swing on May 14th, dropping to nearly $61,000 following the release of US inflation statistics.
The producer price index (PPI) in April was in line with expectations, rising 2.2%, the third consecutive month of increases.
Although the crypto market has avoided the impact of a significant drop in PPI, the situation remains unfavorable for risk assets.
As highlighted in Kobeissi Letter, a resource dedicated to trading, “PPI inflation has risen for three consecutive months for the first time since April 2022, indicating the Fed cannot cut rates.”.
In this context, Jerome Powell's much-anticipated speech could have a significant impact on the market. However, the trading company QCP Capital said,Market reaction is slow”, rather, the consumer price index (CPI) on May 15th is “A catalyst that ultimately helps the market choose a direction”.
Prompting technical signals for BTC price
Despite the surrounding uncertainty, some traders remain optimistic about future BTC price movements. According to famous trader Jelle, three conditions are currently in place for BTC to rise. :
- The price has now successfully tested the 100-day exponential moving average at $60,409 as support.
- The MACD indicator is turning bullish on the daily chart.
- A key threshold of $65,000 has been identified as a demarcation line for testing optimistic scenarios.
Bitcoin is at a crossroads, and Jerome Powell's speech and CPI data will likely determine its future direction. Although the macroeconomic situation remains tense, technical analysis shows a glimmer of hope for a rally towards $65,000. The next few days will be decisive in determining the near-term trajectory of the crypto queen.
Maximize your Cointribune experience with the Read to Earn program! Earn points and access exclusive benefits every time you read an article. Sign up now and get rewards.
Click here to join “Read to Earn” and turn your passion for cryptocurrencies into rewards!
Passionate about Bitcoin, explorer of blockchain and cryptography, and a challenger at the forefront of communication. We guarantee you a free life and financial freedom, and we guarantee you a safe life so you can use your Bitcoin safely.
Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
