Bitcoin (BTC<\/a>) headed toward $27,000 after the May 11 Wall Street open as bulls failed to show strength.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed BTC\/USD as it risked a further loss of support.<\/p>\n After a modest recovery from local lows seen the day prior, the pair remained weak, even as new United States macro data offered bullish cues.<\/p>\n \u201cDump was retraced but then price quickly rolled over again,\u201d popular trader Daan Crypto Trades summarized<\/a>.<\/p>\n \u201cWe\u2019re still trading at the range lows and until broken I think shorts aren\u2019t great R:R. Bulls need to show strength by retaking the daily open for me to consider a possible reversal scenario.\u201d<\/p><\/blockquote>\n As\u00a0Cointelegraph reported<\/a> earlier, market participants continued to prepare downside targets, with many focusing on the area around $25,000<\/a>.<\/p>\n \u201cI remain short personally, but for anyone not in a short yet i would wait until we lose $27,000 then look to short this support zone loss,\u201d fellow trader Crypto Tony continued<\/a>. <\/p>\n \u201cFor now we are holding it so no reason to short just yet.\u201d<\/p><\/blockquote>\n Among the bullish voices on the day was trader and analyst Moustache, who in an optimistic analysis focused on longer-term price trends.<\/p>\n Specifically, two moving averages, the 20-week and 200-week, were about to stage a form of \u201cgolden cross,\u201d wiping out their interplay from September 2022, months before Bitcoin\u2019s latest cycle low.<\/p>\n \u201cIn September 2022, there was a bearish cross of the SMA 20\/200 line for the first time on record. This gave many people the opportunity to buy $BTC at ~15k,\u201d Moustache explained. <\/p>\n \u201cAnd now? The SMA 20\/200 is about to cross bullishly. Price above blue = Always bullish (see \u201815,\u201819).\u201d<\/p><\/blockquote>\n On macro, meanwhile, encouraging U.S. Producer Price Index (PPI) and unemployment data gave crypto investors cause for cautious celebration.<\/p>\n Related:\u00a0Bitcoin trader eyes $63K BTC price for new Bollinger Bands \u2018breakout\u2019<\/a><\/em><\/strong><\/p>\n Jobless claims were up on the day, while PPI conformed to expectations of inflation continuing to trail off.<\/p>\n Together with similar signals<\/a> from the Consumer Price Index (CPI) the day prior, the odds were on for interest rates to stop rising in June, financial commentator Tedtalksmacro reacted.<\/p>\n \u201cUS unemployment claims higher to +264k and PPI in-line with consensus on the headline + core prints. More data conducive to a pause in June,\u201d he tweeted<\/a>.<\/p>\n A further post<\/a> argued that \u201cToday\u2019s US PPI numbers reaffirm that the path of least resistance for CPI inflation is down.\u201d<\/p>\n The latest readings from CME Group\u2019s FedWatch Tool<\/a> showed market consensus for a June rate hike pause at over 96%.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/108915fa-1187-41ed-9fb9-2191d19f17a9.png\")
BTC price \u201crolls over\u201d after brief recovery<\/h2>\n
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U.S. data joins CPI, dealing fresh blow to inflation<\/h2>\n
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