Bitcoin Prices Hang on Powell’s Speech, US Labor Data
The Bottom Line
Bitcoin prices are in focus this week as key events from the US Federal Reserve (Fed) are on the horizon. In particular, the speech by Fed Chairman Jerome Powell and the releases from the US Department of Labor, including the Producer Price Index (PPI) and the Consumer Price Index (CPI), could have significant impacts on the cryptocurrency. Recent price movements show increased volatility, with further declines not being ruled out.
Impact of Fed Events on Bitcoin
The upcoming events of the US Federal Reserve and the Bureau of Labor Statistics (BLS) are crucial for Bitcoin investors. Historical data show that Fed announcements can influence Bitcoin prices. The PPI and CPI, which are important indicators of economic health, will be released this week and could provide clues about the Fed’s future monetary policy. Additionally, a speech by Fed Chairman Jerome Powell is scheduled, which could cause additional market movements.
Bitcoin Price Movements and Expectations
Bitcoin has experienced notable volatility in recent days, with a significant decline of over 3% on May 10. Despite an attempt at recovery, the price remains under pressure. Analysts from AMBCrypto have not ruled out a possible continuation of the downtrend, with the $60,000 level seen as strong support. Should the price continue to fall, the $57,000 mark could serve as the next support.
Expected Increase in BTC Volume
A decline in Bitcoin’s price could lead to an increase in trading volume. Already, there is an increase in volume, indicating increased trading activity and potentially increased selling pressure. This phenomenon is particularly important for investors as it provides insights into market sentiment and allows for anticipation of possible price movements.
Our Assessment
The coming days could be critical for the short-term price development of Bitcoin. The events surrounding the US Federal Reserve and the economic indicators offer both risks and opportunities. Investors should closely monitor developments and adjust their strategies accordingly. Despite the current uncertainty and volatility, Bitcoin remains a fascinating investment, whose long-term prospects should not be diminished by short-term fluctuations.
Sources: AMBCrypto, TradingView, Santiment
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