Fun

Bitcoin braces for Fed's Powell as trader says $65K key BTC price level

News Feed - 2024-05-14 11:05:00

William Suberg9 hours agoBitcoin braces for Fed"s Powell as trader says $65K key BTC price levelBTC price volatility continues within a narrow range — but some BTC price data shows the path toward all-time highs.4695 Total views9 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) saw flash volatility to bottom near $61,000 during May 14 as United States inflation data rolled in.BTC/USD 1-hour chart. Source: TradingViewU.S. PPI conforms ahead of Powell speech


Data from Cointelegraph Markets Pro and TradingView charted ongoing choppy BTC price conditions into the Wall Street open.


The April print of the Producer Price Index (PPI) came in according to expectations at 2.2% — still a third consecutive monthly increase.


“For the 12 months ended in April, prices for final demand less foods, energy, and trade services increased 3.1 percent, the largest advance since climbing 3.4 percent for the 12 months ended April 2023,” an official press release from the U.S. Bureau of Labor Statistics confirmed.


While crypto markets avoided the implications of a significant PPI miss, the picture remained unfavorable to risk assets.


“PPI inflation is now up for 3 straight months for the first time since April 2022,” trading resource The Kobeissi Letter wrote in part of a response on X (formerly Twitter).“Yet another sign the Fed can"t cut rates.”U.S. PPI chart. Source: Bureau of Labor Statistics


Kobeissi referred to ongoing bets over how the Federal Reserve might approach reducing interest rates.


Fed Chair Jerome Powell was due to add to the mix of cues being eyed by markets during a speech set for 10 AM Eastern time.


“We expect Powell"s speech tonight to be carefully worded as always, resulting in a muted market reaction,” trading firm QCP Capital wrote in its latest update to Telegram channel subscribers.


QCP added that the May 15 print of the Consumer Price Index (CPI) “may be the catalyst to finally help the market pick a direction.”BTC price "preparing for a new move higher"


Among Bitcoin traders, there was a sense of indecision as rangebound price moves continued.


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


As Cointelegraph reported, significant blocks of liquidity were returning to the order book to sandwich spot price ahead of the macro data and Powell appearance.


In some of his latest analysis, however, popular trader Jelle highlighted three conditions for BTC upside now having been met.


These included retesting the 100-day exponential moving average, currently at $60,409, as support. The moving average convergence/ divergence (MACD) indicator was now also bullish on daily timeframes, he noted.


Jelle added that $65,000 was the line in the sand for the bullish scenario to play out.Source: Jelle


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# Bitcoin Price# Markets# InflationAdd reaction

News Feed

The IRS Investigation Division Is Requesting Information About Privacy-Centric Cryptocurrencies
The IRS Investigation Division Is Requesting Information About Privacy-Centric CryptocurrenciesThe United States tax agency has published a request for information pertaining to pri
Swiss Bank Seba Launches Regulated Gold Token, Aims to Bolster ‘Digital Ownership of Physical Gold’
Swiss Bank Seba Launches Regulated Gold Token, Aims to Bolster "Digital Ownership of Physical Gold" On December 15, FINMA-licensed Swiss bank, Seba, announced the launch of a gold
On-Chain Data Reveals Binance’s Strategy Behind Massive Ethereum And Solana Sell-Off
Este artículo también está disponible en español. As the broader cryptocurrency market grapples with significant downturns, Ethereum (ETH) and Solana(SOL) have emerged as
Here’s What Happens When You Use Lightning Network for the First Time
Here’s What Happens When You Use Lightning Network for the First Time Do you remember receiving your first bitcoin? Seeing those satoshis arrive in your wallet is a magical, al
While the ‘Timeline Isn’t Final,’ Ethereum Could Implement The Merge on September 19
While the "Timeline Isn"t Final," Ethereum Could Implement The Merge on September 19 In roughly 65 days, there’s a chance Ethereum’s highly anticipated transition fro
Ethereum Stays Within Symmetrical Pattern – Analyst Sets ETH Target
Este artículo también está disponible en español. Ethereum (ETH) is currently trading around $3,400, showing signs of indecision as it fails to establish strong support a
Nifty News: Starknet’s new gaming body gets $125M, NFTs fall as ETH rises, and more
Jesse Coghlan2 hours agoNifty News: Starknet’s new gaming body gets $125M, NFTs fall as ETH rises, and moreThe Starknet Gaming Committee will look to bankroll game devs as the blockchain’s activity keeps sliding and
Bitcoin, Ethereum Technical Analysis: BTC Drops to 2-Week Low Below $40,000
Bitcoin, Ethereum Technical Analysis: BTC Drops to 2-Week Low Below $40,000 Losses in cryptocurrency markets extended on Friday, with bitcoin falling to multi-week lows in the proc
Key takeaways from the Golden Boys’ attack on Compound DAO
Agnes Gambill6 hours agoKey takeaways from the Golden Boys’ attack on Compound DAOA group of Compound DAO members called the "Golden Boys" won a narrow vote to manage 5 percent of the DAO treasury on members
Biggest Movers: HNT Nears 1-Week High, as XMR Rebounds on Friday
Biggest Movers: HNT Nears 1-Week High, as XMR Rebounds on Friday HNT was moving towards a one-week high on Friday, as it rebounded following losses in yesterday’s session. P
Facebook Was Wooing Regulators Before Controversial Libra Reveal
Facebook sat down with the United Kingdom"s finance ministry, the central bank, and other regulatory officials in what was presumably a pre-emptive move to win favor before announcing its own self-titled cryptocurrency,
Euro-denominated Bitcoin futures will bolster institutional adoption — CME director
Zoltan Vardai10 hours agoEuro-denominated Bitcoin futures will bolster institutional adoption — CME directorThe CME has already doubled its average daily Bitcoin trading volume since 2023, its executive director told C