Bitcoin's (CRYPTO:BTC) price experienced increased volatility on May 14, hovering around $61,907, as traders awaited several key U.S. macroeconomic data releases.

Despite reaching as high as $63,450 earlier, bulls failed to maintain momentum, leading to a dip in price to $61,440 on Bitstamp.

Traders observed strengthening bids at $60,000 and $65,000 in anticipation of economic reports, including the Producer Price Index (PPI) and commentary from Federal Reserve Chair Jerome Powell.

Analysts warned of potentially significant market reactions to any unexpected misses in the data, with implications for Federal Reserve interest rate decisions in the coming months.