BTC Price Surpasses $41K as Bitcoin Reacts to US Macro Data on FED FOMC Day

Bitcoin Strengthens as Attention Shifts to the Federal Reserve

Bitcoin (BTC) has rebounded above $41,000 as investors closely monitor the United States Federal Reserve's actions.

Positive Data Release Boosts BTC Price Momentum

New data from Cointelegraph Markets Pro and TradingView indicates that BTC price is gaining momentum in response to the latest US macro data releases.

The Producer Price Index (PPI) for November came in lower than expected, adding to the narrative of declining inflation. Although the Consumer Price Index (CPI) print was less encouraging, it did not have a negative impact on risk assets.

Fed Meeting and Interest Rate Decision Awaited

Traders are eagerly awaiting the Federal Open Market Committee (FOMC) meeting and the subsequent decision on interest rate changes. Fed Chair Jerome Powell is scheduled to hold a press conference following the decision.

Both events have the potential to cause temporary volatility in the cryptocurrency market and beyond, although Bitcoin's reaction to the macro data has been relatively muted so far.

Bitcoin's Short-Term Price Action Remains Uncertain

The current short-term price action of Bitcoin does not show a clear trend. Existing support and resistance levels are still in place, with the $48,000 level being of particular significance.

Popular trader Jelle believes that Bitcoin needs to overcome the $48,000 level in order to enter a new phase of price discovery.

Anticipating Liquidation Levels and Potential Market Action

Trader Daan Crypto Trades notes the increasing number of leveraged bets in a range that the spot price is now clearing. He predicts that significant market action may occur around the $40.5K and $41.4K levels.

Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.