Trader predicts $65K BTC price level as Bitcoin prepares for Fed’s Powell

Bitcoin (BTC) experienced sudden volatility on May 14, dropping to around $61,000 as inflation data from the United States was released. The Producer Price Index (PPI) for April came in line with expectations at 2.2%, marking the third consecutive monthly increase. Despite crypto markets avoiding the impact of a significant PPI miss, the overall market sentiment remained unfavorable to risk assets. Traders were closely watching Federal Reserve Chair Jerome Powell’s speech, scheduled for 10 am Eastern Time, to gain further insights into the central bank’s approach to interest rates. Meanwhile, Bitcoin traders were indecisive as the price remained rangebound. However, some traders noted that certain conditions for a BTC upside had been met, including the retest of the 100-day exponential moving average and a bullish signal on the moving average convergence/divergence (MACD) indicator. The key level to watch for further bullish momentum was $65,000. Please note that this article does not provide investment advice.