US Macro Data Shows Growth as BTC Surpasses $41,000
Bitcoin Surges Above $41,000 as Eyes Turn to the Fed
On December 13th, Bitcoin rose above $41,000 as the financial world turned its attention to the Federal Reserve. According to data from Cointelegraph Markets Pro and TradingView, the surge in Bitcoin’s value was largely attributed to the latest macro data from the USA.
The Producer Price Index (PPI) data for November came in below expectations, signaling a decrease in inflation. This news strengthened the existing narrative that inflation is falling, relieving concerns about its impact on risky assets. The Kobeissi Letter, a trading resource, noted that this is the lowest PPI inflation since December 2021.
All eyes are now on the Federal Open Market Committee (FOMC) meeting and the potential signals of a “Fed pivot.” The decision on interest rate changes is expected to be announced at 22:00 GMT, followed by a press conference with Fed chairman Jerome Powell at 21:30. While these events often trigger temporary volatility in the crypto sector, Bitcoin remained relatively stable in response to the macro data.
According to the CME Group’s FedWatch Tool, the market currently anticipates no interest rate changes resulting from the FOMC meeting.
Traders are closely monitoring key Bitcoin price levels for any potential movement. Some are focusing on the $48,000 overhead level, while others are noting increasing leveraged bets and the formation of large liquidation clusters around the $40,500 and $41,400 levels.
While Bitcoin’s price movement has not yet established a clear trend, traders are preparing for potential movement in the near future. As the crypto sector continues to show resilience amid macroeconomic events, all eyes remain on the outcome of the FOMC meeting and its potential impact on Bitcoin and other cryptocurrencies.
