Bitcoin benefits from lower U.S. PPI data with BTC price action now challenging the $71,000 mark.
Bitcoin bulls escape a fresh inlation-induced burn as U.S. PPI figures drop faster than expected and BTC price action challenges $71,000.) refused to give up $70,000 support into the April 11 Wall Street open as fresh United States macro data boosted the mood.the previous Consumer Price Index overshoot, ultimately providing a mixed picture of inflationary forces. Overall, however, markets were expecting to wait longer than previously thought for the Federal Reserve to lower interest rates.
“After yesterday's HOT inflation data, I'm honestly not sure how much today's reports matter. Markets are baking in ‘high for longer,’” Keith Allen, co-founder of trading resource Material Indicators,Alan, as well as others, focused on the upcoming block subsidy halving and current BTC price structures as more important focuses going forward.
“The bullish case for BTC is building around a series of higher lows. The bearish case is centered around the fact that bulls haven't been able to validate and R/S flip at the trend line, $69k or the 21-Day Moving Average,” he explained.An accompanying video included a chart of BTC/USDT order book liquidity on largest global exchange Binance. This showed sellers in wait near $73,000, along with strengthening bid support near $67,000.
“Bitcoin funding rates finally look healthy for the first time since $BTC climbed above $70,000,” Philip Swift, co-founder of statistics platform Look Into Bitcoin,Popular trader Daan Crypto Trades suggested that traders were now “hesitant” to long BTC due to successive rejections near all-time highs.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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