According to Cointelegraph: As Bitcoin broke the $41,000 mark at the opening of Wall Street on December 13, all eyes were on the United States Federal Reserve. The rise in BTC price is seemingly driven by the latest US macroeconomic data, as reported by Cointelegraph Markets Pro and TradingView.
November's Producer Price Index (PPI), which came in below expectations, further reinforced the narrative of falling inflation. The Consumer Price Index (CPI) did not exacerbate any existing concerns regarding risk assets, despite not being as encouraging.
The most significant macro event of the week coincides with this, as the Federal Open Market Committee (FOMC) decision regarding interest rate changes was unveiled. The meeting came to a close at 2:00 p.m. Eastern Time, with Fed Chair Jerome Powell conducting a press conference at 2.30 p.m.
These events are likely to trigger some volatility in the crypto market, although Bitcoin's own reactions to the macro data have been relatively subdued thus far.
According to data from the CME Group's FedWatch Tool, markets are still confident that no interest rate changes would result from the FOMC meeting.
For Bitcoin, the main price level to watch is $48,000, as breaking this threshold could initiate further price discovery. However, most market analysts and traders predict more sideways behavior, with most of Bitcoin's downside risk likely already endured. Significant liquidation clusters have also developed around the $40.5K and $41.4K levels, suggesting potential market action in those ranges.
