- May 13, 2023
- Posted by: [email protected]
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Despite new U.S. macro data releases showing inflation subsiding, Bitcoin bulls have little relief as BTC price action heads toward $27,000 after the May 11 Wall Street open. According to Cointelegraph Markets Pro and TradingView, BTC/USD risked a further loss of support even though the pair saw a modest recovery from local lows seen the day before.
Many market participants continued to prepare downside targets, with some focusing on the area around $25,000. While there were bullish voices on the day, such as trader and analyst Moustache, who remained optimistic about longer-term price trends, the overall sentiment remained weak. Encouraging U.S. Producer Price Index (PPI) and unemployment data gave crypto investors cause for cautious celebration. Jobless claims were up on the day, while PPI conformed to expectations of inflation continuing to trail off. Together with similar signals from the Consumer Price Index (CPI) the day prior, financial commentator
TedTalksMacro suggested that the odds were on for interest rates to stop rising in June. The latest readings from CME Group’s FedWatch Tool showed market consensus for a June rate hike pause at over 96%. Popular trader Daan Crypto Trades pointed out that while the dump was retraced, the price quickly rolled over again, and the pair remained weak. The bulls need to show strength by retaking the daily open for a possible reversal scenario. Similarly, fellow trader Crypto Tony suggested waiting until the loss of $27,000 before shorting the support zone loss, while emphasizing that he remains short personally.
