Bitcoin

April

<p>The Bitcoin market is boiling as Jerome Powell, chairman of the US Federal Reserve, prepares to deliver a highly anticipated speech. Despite the surrounding uncertainty, traders remain optimistic and see the BTC price crossing the symbolic $65,000 mark.</p>
<h2 id="h-the-bitcoin-facing-macro-economic-data">The Bitcoin Facing Macro-Economic Data</h2>
<p>The <a href="https://www.cointribune.com/en/bitcoin-on-the-brink-of-the-abyss-far-from-the-hoped-for-70000/" rel="noopener noreferrer nofollow">Bitcoin price</a> experienced sudden volatility on May 14, plunging close to $61,000 following the release of US inflation data.&nbsp;</p>
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<p>The April Producer Price Index (PPI) turned out to be in line with expectations, showing a 2.2% rise, marking a third consecutive monthly increase.</p>
<p>While crypto markets have avoided the consequences of a significant drop in PPI, the situation remains unfavorable for risk assets.</p>
<p>As <a href="https://cointelegraph.com/news/bitcoin-fed-powell-trader-65k-btc-price-level" rel="noopener noreferrer nofollow">highlighted</a> by The Kobeissi Letter, a resource specialized in trading, “<em>PPI inflation is now up for three consecutive months for the first time since April 2022, showing that the Fed cannot lower its rates</em>“.</p>
<p>In this context, Jerome Powell’s highly anticipated speech could have a significant impact on the market. However, trading firm QCP Capital expects a “<em>muted market reaction</em>” and rather sees the May 15 Consumer Price Index (CPI) as “<em>the catalyst that would finally help the market choose a direction</em>“.</p>
<h2 id="h-encouraging-technical-signals-for-the-btc-price">Encouraging Technical Signals for the BTC Price&nbsp;</h2>
<p>Despite the surrounding uncertainty, some traders remain optimistic about the future BTC price movement. According to renowned trader Jelle, three conditions are now in place for a rise in BTC. :</p>
<ol>
 <li>The price has successfully tested the 100-day exponential moving average as support, currently at $60,409.</li>
 <li>The MACD indicator has turned bullish on the daily chart.</li>
 <li>The key threshold of $65,000 is identified as the line in the sand to validate the optimistic scenario.</li>
</ol>
<figure class="wp-block-image size-full"><img decoding="async" width="633" height="783" src="https://www.cointribune.com/app/uploads/2024/05/image-16.png" alt="Source : Jelle" class="wp-image-692850" srcset="https://www.cointribune.com/app/uploads/2024/05/image-16.png 633w, https://www.cointribune.com/app/uploads/2024/05/image-16-243x300.png 243w" sizes="(max-width: 633px) 100vw, 633px">
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  Source: Jelle
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<p>Bitcoin is at a crossroads, with <a href="https://www.cointribune.com/jerome-powell-alerte-sur-la-trajectoire-insoutenable-de-la-dette-americaine/" target="_blank" rel="noopener noreferrer nofollow">Jerome Powell’s</a> speech and CPI data likely to set the tone for what’s next. Although the macroeconomic context remains tense, technical analysis offers some glimmers of hope for a rise towards $65,000. The next few days will be decisive in determining the short-term trajectory of the queen of cryptos.</p>

The fate of Bitcoin in Jerome Powell’s hands: heading towards $65,000 or a retreat in sight?

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