On May 14, Bitcoin started to give back its gains at the beginning of the week, due to the impact of macro data reports. According to TradingView data, Bitcoin price showed weakness on hourly time frames, falling to $61,440 on centralized crypto exchanges. The BTC/USD parity, which rose to $63,450 the previous day, reached a level where short positions are in danger in the futures market.
Latest Developments in Bitcoin
Trading resource Material Indicators has warned that short positions will be squeezed in the futures market if Bitcoin exceeds $63,000. However, as the bulls failed to find momentum, a large amount of liquidity moved downward, according to CoinGlass data. Material Indicators noted that offers were strengthening at the $60,000 and $65,000 levels ahead of economic reports from the USA.
Producer Price Index (PPI) data, along with Fed Chairman Jerome Powell's comments, were among the important events of the day. Another X post stated that guardrails were placed on the order book ahead of economic reports and they were pulled at the last minute.
What are the expectations in the USA?
Financial commentator Tedtalksmacro pointed out the potential impact of the PPI figures and stated that the PPI will be released before the Consumer Price Index (CPI) data for April. He stated that there is a strong correlation between PPI and CPI data and that the market may react more seriously than usual if expectations are missed.
According to data from CME Group's FedWatch tool, it appears that the market needs serious surprises to change expectations that the Fed will cut interest rates before September. The probability of a 25 basis point cut was determined as 3.5% at the Federal Open Market Committee (FOMC) June meeting and 24.6% at the July meeting.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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Enter the Futures Section from your application,
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WHEN WILL THE AWARD COME?
Your 10 dollar reward will arrive in the REWARDS section of your Binance application within 30 days, starting from May 1st. By activating it from there, you can use your reward of 10 dollars, or more than 300 liras, in futures transactions.
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