Bitcoin experienced a bout of volatility as the U.S. released inflation data, bottoming out around $61,000 on May 14.
Inflation has remained a major market concern in recent weeks, sparking worries that the Federal Reserve may delay its interest rate cut cycle.
Data from Cisco Systems shows that the final stretch of earnings season is still underway.
The Producer Price Index (PPI) for April was reported at 2.2%, still rising for the third consecutive month.
Although the cryptocurrency market avoided the impact of PPI, the situation is still unfavorable for risk assets.
As prices continue to fluctuate in a range, there is a sense of hesitation among Bitcoin traders.
A large amount of liquidity has returned to the spot price order book ahead of the macro data and Powell's appearance.
The conditions for Bitcoin to rise are now met, which include a retest of the 100-day moving average (currently at $60,409) as support. He noted that the MACD is now bullish on the daily time frame as well.
Also, for the uptrend to take place, Bitcoin needs to reclaim the $65,000 level.
Altcoin markets hot during the day as US inflation data comes in above expectations
Leading the decline were Worldcoin (WLD) and Render (RNDR), both of which plunged by around 10% on the day.
Other major projects in the top 100 include Immutable (IMX), dofwifhat (WIF), Ethena (ENA), Celestia (TIA), Sui (SUI), Akash Network (AKT), Helium (HNT), Stacks (STX), KuCoin Token (KCS), Injective (INJ), Mantle (MNT), Gnosis (GNO), THORChain (RUNE)… down 3-7% in the past 24 hours.
After three days of sideways trading and attempting to reclaim the $3,000 area, Ethereum (ETH) continued its decline yesterday.
It closed the day lower and is currently trading just below $2,900.
(Personal opinion, not a recommendation)
In the crypto industry, if you want to seize the next bull market opportunity, you need to have a high-quality circle and maintain insight. If you are alone, looking around and finding no one, it is actually very difficult to persist in this industry. Follow the homepage~
If you like it, please follow us for more articles.
Thanks for reading! See you next time!
