Forecast Trend Report by Period
Bitcoin continued to trade around the $81,000 level after a sharp rise in the U.S. consumer price index pressured sentiment.
As of 8:37 a.m. on May 13 in South Korea, Bitcoin was trading at $80,507.90 on Binance's USDT market, down 1.48% from a day earlier.
The decline was driven by stronger-than-expected U.S. inflation data. U.S. CPI for April, released a day earlier, rose 3.8% from a year earlier, the highest level since 2023.
The Bureau of Labor Statistics said energy prices accounted for more than 40% of April's overall increase in consumer prices. Energy prices rose about 18% over the past year, with recent U.S.-Iran tensions and disruptions to crude supply cited as the main drivers.
Markets are also dialing back expectations for Federal Reserve rate cuts. The Kobeissi Letter wrote that the market is re-entering an inflation environment last seen during the pandemic era and that the possibility of further rate increases is coming back into focus.
CME FedWatch data show traders are reflecting the possibility that the benchmark interest rate will remain high through this year and next year.
In the cryptocurrency market, attention is focused on whether key support levels will hold. Michaël van de Poppe, founder of MN Trading Capital, said the $78,800 area is the key support zone and that a break below $76,000 could open the door to further declines.
On the upside, resistance is near $82,600, where the 200-day moving average sits. Material Indicators said bulls are trying to turn the $80,700 area into support, but it remains unclear whether momentum is strong enough to break above the 200-day moving average at $82,600.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
