Consumer inflation in the US is within forecasts, and retail sales are significantly below forecast.
- Basic consumer price index - $3.6 with a forecast of $3.6 and the previous indicator of 3.8%.
- Consumer price index - $3.4 with a forecast of $3.4 and the previous indicator of 3.5%.
- Retail sales volume - $0.0 with a forecast of 0.4% and the previous indicator of 0.6%.
This is positive for the market (most expected data above the forecast); the#BTCrate immediately reached $64,000, testing the volume level of $64,120. And the Shem PGiP line, by the way.
Probably, much of the growth is caused not so much by consumer inflation data as by the volume of retail sales. This inflation factor, we repeat, turned out to be much lower than expected.
Growth will most likely be largely absorbed, because the global situation has not changed - problems remain in the fight against inflation. Manufacturing inflation in April provides bad “spoilers” for consumer inflation in May.
The growth itself was partly at the feet of short sellers, which is confirmed by#Coinglassdata on liquidations over the last hour. During this surge, bear eliminations amounted to $19 million. With a total volume of liquidations per day (!) of $50 million. There were also purchases on the spot based on positive statistics, as evidenced by the vertical volumes.
For now, we are waiting for a retest of the breakdown of the EMA of the 50 day TF (currently $63,261). If buyers are able to maintain this level, perhaps this pump will no longer be absorbed and the publication of US macro data will become a turning point for BTC. In general, it is even acceptable if the price immediately moves to +/- the impulse start level; in this scenario, it is important to return later. But conclusions will need to be drawn no earlier than the close of the daily candle.
