As macroeconomic data strengthened risk asset bulls, Bitcoin (BTC) seemed poised to reach new highs on July 13.
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PPI shows U.S. inflation retreating beyond expectations
As the BTC price focus shifted above $30,500, Cointelegraph Markets Pro and TradingView data followed the market.
The United States Producer Price Index (PPI) numbers for the day also came in below expectations, helping to fuel rapidly decreasing inflation forecasts.
Despite the PPI and Consumer Price Index (CPI) data from the day before, the markets still believed that the Federal Reserve would introduce a 0.25% hike in the next two weeks — the CME Group’s FedWatch Tool showed bets of almost 95% at the time of writing.
Caleb Franzen, senior market analyst at Cubic Analytics, commented on the situation: “Quite literally, everything is pointing to more disinflation in the months & quarters ahead (even if energy rallies from here). Core CPI is going to decelerate so fast, people will be shocked.”
Franzen argued that the declining inflation was the main factor behind the BTC price rebound in 2023, saying: “Notice how equities are ripping this year? Notice how Bitcoin is up +86% YTD? Asset prices are multi-variate, but a lot of the upward momentum has been from disinflation.”
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Analyst gives $38,000 Bitcoin breakout target
On Bitcoin itself, sentiment was more upbeat.
In addition to PPI, news broke that Europe would be hosting its first Bitcoin spot exchange-traded fund, or ETF, this year.
Michaël van de Poppe, founder and CEO of trading firm Eight, said the breakout could be imminent.
“Bitcoin holds $30,200 and most likely will start looking at range high again,” he commented on the overnight BTC price action.
Another tweet on the day gave a downside target of $29,300 in the event that $30,000 support does not hold.
Others, including popular trader Skew, suggested that while the range persisted, a return to trend was not far away.
Fellow trader Jelle, meanwhile, identified a triangle formation just below the “key” $31,000 resistance.
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