Bitcoin

Material

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-potential-setbacks-due-to-increased-volatility/" data-wpel-link="internal">Bitcoin Faces Potential Setbacks Due to Increased Volatility</a> 
<a href="https://en.coin-turk.com/crypto-market-analysis-bitcoin-price-could-reach-28000-analyst-claims/" data-wpel-link="internal">Bitcoin</a>, may face a process of giving back its early-week gains on May 14 due to increased volatility in macro data reports. Data from TradingView showed that Bitcoin price weakness entered hourly intervals, causing a drop to $61,440 on centralized crypto exchanges. The BTC/USD pair had risen to $63,450 the previous day, a level recorded as a clear danger for short positions in the futures market. 
<h2 class="p1" style="text-align: justify" id="developments-on-the-bitcoin-front">Developments on the Bitcoin Front</h2> 
Trade source Material Indicators warned in a post on X at the time that if Bitcoin could surpass $63,000, short positions in the futures market would be squeezed. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-351194 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-veri-1.jpg" alt="" width="1909" height="965"> 
Bulls ultimately failed to find momentum, and according to data from the data analysis platform CoinGlass, a large amount of liquidity moved downward at the time of writing. Material Indicators noted that bids strengthened at the $60,000 and $65,000 levels ahead of economic reports from the US. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-351193 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/coinglass-1.png" alt="" width="1117" height="712"> 
These will be in the form of the day’s Producer Price Index (PPI) pressure along with comments from <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">Fed</a> Chair Jerome Powell. In another part of an X post, the following statements were shared on the subject: 
<blockquote> 
 “It is not unusual to see guardrails placed in the order book ahead of Fed talks and economic reports. It is also not unusual to see them withdrawn at the last minute.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-351191 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/veri-btc.jpg" alt="" width="1627" height="926"> 
<h2 class="p1" style="text-align: justify" id="what-to-expect-on-the-us-front">What to Expect on the US Front?</h2> 
Given the potential impact of PPI figures, <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">financial</a> commentator Tedtalksmacro revealed an unusual setup this week. He noted that PPI would come before April’s Consumer Price Index (CPI) data, presenting a rare scenario for <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> that does not account for wildcard deficiencies in the data: 
<blockquote> 
 “Today, it is a rare situation where US PPI data is released a day before CPI data. There is a very strong correlation between PPI and CPI data. Historically, PPI leads CPI figures. Therefore, we expect the market to react more severely than usual if expectations are missed.” 
</blockquote> 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-351190 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/cpi-data.jpg" alt="" width="1420" height="910"> 
Data from CME Group’s FedWatch tool highlighted the need for significant surprises to change the market’s expectations that the Fed would cut rates before September. The probability of a 25 basis point cut at the Federal Open Market Committee’s (FOMC) June meeting was only 3.5% at the time of writing, while this rate was 24.6% for the July meeting. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-351188 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/cme-2.webp" alt="" width="2000" height="1000"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-potential-setbacks-due-to-increased-volatility/" data-wpel-link="internal">Bitcoin Faces Potential Setbacks Due to Increased Volatility</a></h5>

Bitcoin Faces Potential Setbacks Due to Increased Volatility

Table of Contents

COINTURK NEWS

Other articles published on May 14, 2024

Coinbase Reports Widespread Outage, Confirms Ongoing Investigation

Tether Takes Action: $5.2M in USDT Frozen Due to Phishing Links

Solana and Shiba Inu Rebound as Furrever Token Draws in Investors with $20,000 Competition

Tether expands in UAE, partners with RAK DAO

No Ties To OpenAI: Worldcoin Drops 9% As Top Trader Issues Warning

Biden Ordered Divestment of Mining Facility Near US Missile Base

Join our free newsletter for daily crypto updates!