On May 13, Bitcoin experienced a 3% increase in price as cryptocurrency traders braced themselves for potential market volatility in light of upcoming macroeconomic data releases in the United States. Trading data from Cointelegraph Markets Pro and TradingView illustrated an intraday peak for BTC at $63,269 on Coinbase shortly after the opening of the Wall Street market.

This week, investors are eagerly awaiting key inflation data from the United States, which will likely influence decisions regarding interest rates by the Federal Reserve in 2024. The Producer Price Index (PPI) is scheduled for release on May 14, followed by the Consumer Price Index (CPI) on May 15. Analysts, as indicated by the CME's FedWatch tool, anticipate a 72% likelihood of interest rates remaining unchanged at the July Federal Open Market Committee (FOMC) meeting, with the possibility of rate cuts later in the year standing at 48.6% for the September meeting. Additionally, there is a 91.1% expectation of rates remaining steady at the June meeting.

Discussing market dynamics for the week, analyst Tedtalksmacro emphasized the significance of inflation data, predicting increased volatility. He noted that a slowdown in inflation would be favorable for risk assets such as Bitcoin, potentially propelling the market to higher levels. Another analyst, Seth, shared a chart on X on May 12, highlighting the breakout of the relative strength index (RSI) above a descending trendline on the daily timeframe. Seth underscored the potential impact of key economic indicators and speeches by Federal Reserve Chair Jerome Powell on Bitcoin's price trajectory.

Bitcoin's price has been in a prolonged downtrend since retreating from its all-time high of $73,835 on March 14. The price action has formed a series of lower highs and lower lows, coinciding with a downward trend in the RSI, which reached near-oversold levels at 33 on May 1. Notably, the Coinbase Premium Index, reflecting the percentage difference between the BTC/USDT pair on Binance and the BTC/USD pair on Coinbase Pro, has closely tracked Bitcoin's price movements, declining from $0.08 to near zero during this period. This index, considered a leading indicator, has historically signaled price rebounds when turning negative and reversing from a downward trend.

Despite recent market turbulence, crypto trader Moustache expressed optimism, anticipating sustained upward momentum akin to previous post-halving cycles. In a May 13 post on X, he asserted that market participants with weak positions needed to exit before Bitcoin could advance toward $80,000.