Bitcoin Falls Ahead of US Data and Fed Powell’s Speech, Miners Accumulate

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Bitcoin Falls Ahead of US Data and Fed Powell’s Speech, Miners Accumulate

• Bitcoin eases away from 105.7k high to 102k.
• US-China trade de-escalation & cooler CPI support the price.
• Weak data today, and a hawkish Fed Chair Powell could pressure BTC near-term.
• Institutional demand is solid & miners accumulate.
• Bitcoin technical analysis.

is easing lower for a second day as it continues to fall away from the 105.7k 6-month high reached earlier this week.

Bitcoin surged through the 100k level last week and holds above this key psychological level, supported by the truce in the US-China trade war and Trump’s trade deals in the Middle East and the ***. Along with other risk assets, BTC has benefited from expectations that the worst-case scenario for trade tariffs has been avoided.

Meanwhile, cooled to its lowest level in 4 years, adding to the buoyant mood, easing fears over the impact of tariffs on the US economy. However, it is still early days and it could take several months for the impact of the Trump administration’s trade policies to show in hard data.

US Data and Fed Chair Powell in Focus

With this in mind, attention will be on US and inflation data for further insight into the health of the consumer and inflation levels at the factory gate. Signs of sticky and weak consumption could raise alarm bells.

Federal Reserve Chair will also speak and is likely to reiterate the patient stance, preferring to wait and see how tariffs impact its dual mandate – jobs and inflation- before moving on rates again. The market is pricing in just 56 basis points of cuts this year, down from 102 basis points at peak tariff panic. A more dovish stance is needed from the Fed to help lift BTC and other risk assets higher. However, that is unlikely right now, which could limit the upside in the near term.

Institutional Demand and Miner Accumulation

BTC ETFs continue to book net inflows as institutional demand remains persistent. BTC ETFs recorded net inflows of $2.97 billion in April and are already recording $2.26 billion in net inflows month to date. Ongoing institutional demand supports the BTC price.

Furthermore, miners are showing signs of accumulation. After a long ******* of distribution, miners are no longer selling their BTC, and a reversal is taking place into significant accumulation. Data from Glassnode shows that miners’ wallets found a bottom as the BTC price hit 75k and started to rise with the Bitcoin price.

Miner wallets rose by 2700 BTC between April 12 and May 13. While this amount is minimal in miner holding terms, it is relevant because it comes after a selling ******* that started in 2023. Decreasing sell-side pressure from miners is bullish for the Bitcoin price.

Bitcoin Technical Analysis

BTC/USD trades within a rising channel. The price surged above 100k last week to a peak of 105.7k and is now consolidating below this level at 102k. The move lower has brought the RSI out of overbought territory.

Should sellers break below the 102k consolidation zone, a test of 100k could be on the cards. If sellers break below here, it opens the door to 97k. However, the price could bounce from these levels, given that the longer-term trend is clearly bullish.

BTC is consolidating as it has in recent weeks as part of the uptrend. These consolidation periods have been followed by sharp moves higher. Buyers will look to rise above 105k to extend gains towards 109.5k and fresh record highs.

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#Bitcoin #Falls #Ahead #Data #Fed #Powells #Speech #Miners #Accumulate

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