Fun

Bitcoin ‘guardrail’ gets stronger at $60K as bulls brace for macro data

News Feed - 2024-05-14 04:05:12

William Suberg1 hour agoBitcoin ‘guardrail’ gets stronger at $60K as bulls brace for macro dataBTC price moves become increasingly erratic in the hours leading up to a slew of U.S. macroeconomic data prints after Bitcoin bulls fail to flip $63,000.614 Total views12 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) threatened to give back early week gains on May 14 as volatility increased into macro data reports.BTC/USD 1-hour chart. Source: TradingViewBTC price “barts” up and down into PPI, Powell


Data from Cointelegraph Markets Pro and TradingView showed BTC price weakness entering hourly timeframes, producing a dip to $61,440 on Bitstamp.


BTC/USD had managed as high as $63,450 the day prior — a level at which shorts faced clear danger.


“If Bitcoin can clear $63k, over leveraged shorts are going to get squeezed,” trading resource Material Indicators warned in part of a post on X at the time.BTC/USDT order book data for Binance as of May 13. Source: Material Indicators


Bulls ultimately failed to find momentum, and at the time of writing, a hefty chunk of liquidity had been taken to the downside, according to data from monitoring resource CoinGlass.Bitcoin liquidation heatmap (screenshot) as of May 14. Source: CoinGlass


Material Indicators noted that bids were strengthening at $60,000 and $65,000 in advance of economic reports from the United States.


These would take the form of the Producer Price Index (PPI) print on the day, along with commentary from Jerome Powell, chair of the Federal Reserve.


“It’s not uncommon to see ‘guardrails’ placed in the order book ahead of FED speeches and economic reports,” part of another X post read.“It’s also not uncommon to see them get pulled at the last minute.”BTC/USDT order book data for Binance as of May 14. Source: Material Indicators


As Cointelegraph continues to report, Bitcoin hascreated a habit of neutralizing liquidity both above and below spot price while remaining in a narrow range since the end of April.Analyst: Expect “more significant” reactions to macro data


Considering the potential impact of the PPI numbers, financial commentator Tedtalksmacro revealed an unusual setup this week.


Related: CPI meets $60K BTC price battle — 5 things to know in Bitcoin this week


PPI, he noted, would come before the Consumer Price Index (CPI) readout for April, presenting a rare scenario for traders that does not account for wildcard misses in the data itself.


“Today is a rare occasion where US PPI data is released the day prior to CPI data,” he told X followers.“PPI + CPI data have a very strong correlation. PPI leading the way for CPI numbers historically. Thus expect the market to react more significantly than usual on any miss on expectations.”U.S. PPI vs. CPI data. Source: Tedtalksmacro


Data from CME Group’s FedWatch Tool underscored the need for serious surprises in order to shift market expectations of an interest rate cut from the Fed coming any sooner than September.


The odds of a 25-basis-point cut at the June meeting of the Federal Open Market Committee, or FOMC, stood at just 3.5% at the time of writing, with 24.6% for the July meeting.Fed target rate probabilities for July FOMC meeting. Source: CME Group


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Federal Reserve# Bitcoin Price# Markets# InflationAdd reaction

News Feed

Welcome to the future where on-chain robots serve coffee and crypto rewards
Savannah Fortis11 hours agoWelcome to the future where on-chain robots serve coffee and crypto rewardsBlockchain-driven robots served coffee with a side of crypto incentives at Token2049 in Dubai in a bid to revolutioniz
SEC’s Hester Peirce wants more decentralization in the financial system
Martin Young5 hours agoSEC’s Hester Peirce wants more decentralization in the financial system“Centralization means that you have concentrated risks,” said Hester Peirce, speaking at ETH Denver.1636 Total views27 T
Bank of England: Crypto Needs Enhanced Regulatory and Law Enforcement Frameworks
Bank of England: Crypto Needs Enhanced Regulatory and Law Enforcement Frameworks The Bank of England says “extreme volatility” in the crypto market “underscore
Bitcoin, Ethereum Technical Analysis: BTC Consolidates as Markets Prepare for 0.75% Rate Hike
Bitcoin, Ethereum Technical Analysis: BTC Consolidates as Markets Prepare for 0.75% Rate Hike Bitcoin was consolidating below a key resistance level on Tuesday, as market volatilit
Bitcoin miners could dump $5B in BTC after halving: 10x Research
Martin Young5 hours agoBitcoin miners could dump $5B in BTC after halving: 10x ResearchBitcoin miner selling could last for four to six months after the halving, amounting to as much as $5 billion worth, according to an
DOGE open interest up 19% amid price 'breaking out' to monthly high
Ciaran Lyons6 hours agoDOGE open interest up 19% amid price "breaking out" to monthly highDoge interest among future traders is ramping up amid the price ‘breaking out’ to its highest in 34 days.4233 Total views10 To
Onchain Researchers Suspect Chinese Government Sold Plustoken’s Billion-Dollar Bitcoin Hoard Last Year
Onchain Researchers Suspect Chinese Government Sold Plustoken’s Billion-Dollar Bitcoin Hoard Last Year A number of masterminds from the Plustoken scam were sen
NFT Sales Tumble 29% This Week, Searches for Metaverse-Related Terms Plunge
NFT Sales Tumble 29% This Week, Searches for Metaverse-Related Terms Plunge The past week’s non-fungible token (NFT) sales have dropped again, following the last few weeks o
New NFT Collections Loot for Adventurers, MAYC, Inertial Moment Make Serious Headway in Sales
New NFT Collections Loot for Adventurers, MAYC, Inertial Moment Make Serious Headway in Sales During the last few weeks, non-fungible token (NFT) collections like Cryptopunks, Axie
Zhiyuan Sun7 hours ago$30B stolen from crypto ecosystem since 2012: ReportThe stolen amount represents nearly 3% of the current market cap of listed cryptocurrencies.1952 Total views1 Total sharesListen to article 0:00Ne
Bitcoin Open Interest Dropped Significantly – Investors Cautions Amid US Election Week?
Este artículo también está disponible en español. Bitcoin has faced significant volatility and uncertainty as it approaches a pivotal week, with tomorrow’s U.S. electio
Ethereum Stays Below Realized Price: Once-In-A-Cycle Opportunity?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu