bitcoin (BTC) headed towards $27,000 after the Wall Street open on May 11, as the bulls showed no strength.
BTC Price "Turns Around" After Brief Recovery
Data of Cointelegraph Pro Markets and TradingView followed BTC/USD as it risked further loss of support.
After a modest recovery from the local lows seen the day before, the pair remained weak even as fresh US macro data offered bullish signals.
โDump Retraced But Then Price Turned Quickly Again,โ Popular Trader Daan Crypto Trades summarized.
โWe are still trading the lows of the range and until we break out I think shorts are not good R:R. The bulls need to show strength by retaking the daily open for me to consider a possible reversal scenario."
Like Cointelegraph reported previously, market participants continued to prepare downside targets, with many focusing on the area about $25,000.
โI remain short personally, but for anyone not already short I would wait until we lose $27,000 and then look to pare this loss from the support zone,โ said Crypto trader Tony. continued.
"We're holding it for now, so there's no reason to sell short yet."
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Among the bullish voices of the day was trader and analyst Mustache, who in an upbeat analysis focused on longer-term price trends.
Specifically, two moving averages, the 20-week and 200-week moving averages, were about to present a form of "golden cross", de-interacting since September 2022, months before Bitcoin's last cycle low.
โIn September 2022, there was a bearish crossover of the SMA 20/200 line for the first time on record. This gave many people the opportunity to buy $BTC at ~15k,โ Mustache explained.
"What now? The 20/200 SMA is about to cross bullish. Price above blue = Always bullish (see '15, '19)."
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US data joins CPI and deals another blow to inflation
Meanwhile, in macro, the encouraging US Price Index (PPI) and unemployment data gave crypto investors cause for cautious celebration.
Related: Bitcoin Trader Eyes $63K BTC Price for New Bollinger Bands 'Breakout'
Jobless claims rose on the day, while the PPI was in line with expectations that inflation would continue to decline.
Together with similar signs From the previous day's Consumer Price Index (CPI), interest rates were likely to stop rising in June, financial commentator Tedtalksmacro reacted.
โUS Jobless Claims up to +264k and PPI in line with consensus in headline + headline impressions. More data auspicious for a pause in June,โ she said. tweeted.
TO additional post argued that "today's US PPI numbers reaffirm that the path of least resistance for CPI inflation is down."
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The latest readings from CME Group FedWatch Tool showed the market consensus for a June rate hike pause at over 96%.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.