The next two days are crucial for Bitcoin and altcoins as all eyes turn to the United States. Key financial indicators and statements from the Federal Reserve (FED) will significantly impact the market.
On Tuesday, May 14 at 15:30 GMT, the US will release its Producer Price Index (PPI) data, with current expectations at 2.2%. Shortly after, at 17:00 GMT, FED Chairman Jerome Powell will make a statement that could heavily influence Bitcoin and altcoins.
Then, on Wednesday, May 15 at 15:30 GMT, Consumer Price Index (CPI) data will be released, with expectations set at 3.4%. Lower-than-expected PPI and CPI data, coupled with dovish remarks from Powell, could trigger sharp rises in the crypto market. Conversely, disappointing data and hawkish comments might push Bitcoin below $60,000.
Ted, a prominent crypto trader, noted, âThis is a big week with critical inflation data coming soon. We expect market volatility, but there's a chance inflation might slow down. If expectations are met, it will be very favorable for risk assets like Bitcoin.â
*Disclaimer: Third-party opinions included. No financial advice. See T&Cs.*
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