Source: Cointelegraph
Original: “Bitcoin (BTC) Breaks Through to $120,000 in Sight, Market Forgets Fed Rate Cut in July”
Bitcoin (BTC) maintained its familiar range as Wall Street opened on May 14, with traders awaiting signals from the latest U.S. macroeconomic data.
According to data from Cointelegraph Markets Pro and TradingView, $103,000 remains a key attraction point for Bitcoin's price.
The day before, buyers had pushed the price back to $105,000, but momentum remained insufficient after the rapid rise in the first half of the month.
Currently, traders expect a period of consolidation before volatility returns, predicting further price increases.
It's all just a big shake-out range in before another break-out 📈 againPATIENCE$BTC https://t.co/t9vNUsoIQA pic.twitter.com/5BSUTzPLoM
Renowned trader Byzantine Trader wrote in a recent post on the X platform: “While I think $BTC looks good, I still believe it may consolidate here for a while, which could be good news for altcoins.” He added:
“If BTC stays calm, then altcoins can do their own thing for a while.”
Although another trader, Roman, believes the Bitcoin bull market may end soon, he also agrees that prices will likely reach new highs in the short term.
He told his followers on the X platform: “If we can continue to consolidate here, I expect more upside, as consolidation means trend continuation. Yes, my macro view suggests the $BTC bull market is nearing its end, but there is still room for upside in the short term.” He further pointed out:
“Breaking through the $108,000 resistance level, $120,000 is possible.”
Due to a gap in the release of U.S. inflation data, the macro impact on that day was relatively limited.
The day before, lower-than-expected Consumer Price Index (CPI) data failed to trigger a new cryptocurrency rally, with the market turning its attention to the Producer Price Index (PPI) data set to be released on May 15.
Trading firm QCP Capital commented that the Federal Reserve's hawkish policy is dominating market expectations. The prospect of a rate cut in the first half of 2025—a favorable factor for risk assets—is gradually being discounted by the market.
QCP wrote in its latest announcement to Telegram channel subscribers: “The U.S. CPI data came in below expectations, providing a welcome relief for inflation concerns and bolstering bets on rate cuts.” However, they added:
“Nevertheless, the Fed remains cautious. At the last meeting, officials reiterated their data-dependent stance, noting that the downstream effects of tariffs on unemployment and inflation remain uncertain.”
According to CME Group's FedWatch tool data, the Fed's September meeting may be the next opportunity for a rate cut.
QCP also noted: “Market pricing has adjusted accordingly, now expecting two rate cuts in 2025, down from four a month ago.”
Related: Three Major Reasons Ethereum (ETH) Price Could Soar to $5,000 in 2025
This article does not contain investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
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