Bitcoin bracket for Fed Powell as trader $65K key BTC price level
Bitcoin (BTC) saw flash volatility near $61,000 as US inflation data came in on May 14.
US PPI agrees ahead of Powell's speech.
Data from Cointelegraph Markets Pro and TradingView continued choppy BTC price conditions at the Wall Street open.
The April publication of the producer price index (PPI) came in as expected at 2.2% – still the third consecutive monthly increase.
For the last 12 months in April 2023, prices for food, energy and business services rose 3.1 percent. Employee statistics are verified.
Crypto markets have a significant P.I. Although they implied destruction, the images were not likely to endanger assets.
For the first time since April 2022, PPI inflation has increased for 3 consecutive months. Business Resource wrote a partial response to Kobe's letter on Ex.
Yet another sign the Fed can't cut rates.
Kobesi cited ongoing bets on how the Federal Reserve will cut interest rates.
Fed Chairman Jerome Powell was expected to add to the mix of recommendations being watched by markets in a speech scheduled for 10 a.m. ET.
Trading firm QCP Capital wrote in a recent update to Telegram channel subscribers: “We expect Powell's speech to be delivered cautiously, as always, which will dampen market reaction.”
QCP added that the Consumer Price Index (CPI), published on May 15, “may ultimately help the market choose its direction.”
BTC Price “Preparing for New Move Higher”
Among bitcoin traders, there was a sense of indecisiveness as range-bound price movements continued.
Related: CPI Meets $60K BTC Price War – 5 Things to Know in Bitcoin This Week
As Cointelegraph reports, high levels of liquidity are returning to the order book in sandwich spot prices ahead of the macro data and Powell's appearance.
However, in some of his latest analysis, popular trader Jelle has highlighted three conditions that BTC is now saturated with.
These include testing the 100-day EMA as support currently at $60,409. The Moving Average Convergence/Divergence (MACD) indicator was also bullish on the daily time frames.
Jelle added that the $65,000 line in the sand was to play for the bullying situation.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
