$BTC (update)
👉Bitcoin (BTC) is trading at around $66,500 after dipping to $66,170, a three-week low, during the U.S. session.
👉Liquidations:- The sudden pullback incurred over $250 million in liquidations of leveraged derivatives trading positions across all crypto assets.
👉Reasons for the pullback: Investors are "de-risking" from crypto assets ahead of the May Consumer Price Index (CPI) report and Fed meeting.- Bitcoin has been "highly responsive" to economic data recently, and its 30-day correlation with U.S. equities is climbing to its highest since 2022.
👉Outlook:- Bitcoin could see a volatile session as traders brace for the CPI report and Fed meeting.- The FOMC dot plot and forward guidance during Jerome Powell’s press conference are likely to be the most material price movers.
