Bitcoin (BTC) remained at $26,000 on June 14 despite the release of new macroeconomic data from the United States having no impact on crypto markets.
PPI offers Bitcoin bulls little fuel
Data from Cointelegraph Markets Pro and TradingView indicated that the BTC/USD rate remained steadfast, even as the Producer Price Index (PPI) revealed that U.S. inflation was continuing to decelerate.
In response to the Consumer Price Index (CPI) release the day before, the pair failed to provide traders with much movement, remaining within the confines of its usual range between various moving averages.
Market analysts looked to the Federal Reserve’s upcoming decision on interest rates and Chair Jerome Powell’s following remarks for guidance.
“In his analysis of the day, financial commentator Tedtalksmacro proclaimed, ‘Happy hawkish pause day!'”
Tedtalksmacro referenced projections from major U.S. banks that the Federal Reserve will keep its rate hike cycle in place since late 2021.
The CME Group’s FedWatch Tool’s most recent data was consistent with the prediction, with 92% likelihood of a pause in the rate hike at the present time.
Analyzing Bitcoin, Crypto Ed discussed the U.S. dollar’s strength and its potential effect on BTC/USD, speculating that a bounce from support could cause issues.
“He remarked, accompanied by a graph of the U.S. dollar index (DXY), that ‘DXY had reached the green box and was rebounding slightly’,”
Nearly three months of BTC price “falling wedge”
In regards to BTC’s overall price movements, renowned trader and analyst Rekt Capital has taken a more optimistic stance.
Five things to be aware of regarding the SEC, CPI, and a “strong rebound” in Bitcoin this week.
Despite the tense environment caused by the U.S. legal action against major exchanges, he pointed out that BTC/USD had only dropped by less than 20% from its April peak of $31,000.
Moustache, a fellow trader, also viewed the present situation in a favorable light, asserting that when viewed on a larger time frame, the recent happenings had not had a major effect on the cost of BTC.
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