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Bitcoin to $76,000 as US Inflation Relief Brings Bitcoin Down from US PPI

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Bitcoin Forecast Hopes For 38% BTC Price Gains From The
Bitcoin Forecast Hopes For 38% BTC Price Gains From The

BitcoinBTCOn Tuesday, the dollar index reached a new monthly high above $76,000. US inflation data also continued to support risk assets.

Important points

  • Bitcoin upside continues as bulls target $76,000 — the highest price since early February.

  • US PPI remains lower than market expectations in spite of the fact that there is no end to the Iran war.

  • Bitcoin traders remain risk-off in terms of overall market strength.

Bitcoin tops $76,000 amid growing fears “inflation is back”

Data from TradingView showed new local highs of $76,038 on Bitstamp — Bitcoin’s best performance since mid-March and on track to hit a two-month record.

BTC/USD one-day chart. Source: Cointelegraph/TradingView

The Producer Price Index for March came in lower than expected despite the US/Iran War. 

“On an unadjusted basis, the index for final demand rose 4.0 percent for the 12 months ended in March, the largest 12-month advance since increasing 4.7 percent in February 2023,” The following are some of the ways to get in touch with each other: official statement US Bureau of Labor Statistics BLS noted. 

“The March rise in final demand prices can be attributed to a 1.6-percent advance in the index for final demand goods. Prices for final demand services were unchanged.”

Markets had expected a 4.7% year-on-year increase, with a 1.1% month-on-month jump — but it ultimately came in at 0.5%.

Change in the US PPI for one month. Source: BLS

The reactions, however, were more hawkish.

“We are now officially seeing inflation metrics in the US that are at 4% or higher,” Trading resource The Kobeissi Letter responded On X.

“Inflation is back.”

Fed Target Rate Probabilities. Source: CME Group

According to data provided by CME Group, the markets bet on the Federal Reserve cutting interest rates at the end next year. FedWatch Tool.

Bitcoin’s trendline of 21 weeks is like a line drawn in the sand

BTC’s price movement continues to be a source of suspicion among traders.

Related: Oil price surges 8% on Iran tensions: Five things to know in Bitcoin this week

CryptoReviewing is the pseudonymous founder of Wealth Capital’s trading community. He noted that the increase to $75,000 triggered an avalanche of short-liquidations.

The following are some of the ways to get in touch with us. Cointelegraph reportedMarket participants were already preparing for a quick squeeze. The price was still in the local range.

“Bitcoin’s recent PA hasn’t deviated much from what we saw in 2022,” Keith Alan cofounder Material Indicators trading resource argued The day of the event

“Nothing says that $BTC has to continue to mimic history, but if it does we should see price flirt with the 21-Week Moving Average ~$78.3k.”

BTC/USD one-week chart. Keith Alan/X

Alan said the trend line will be upward “not be an easy level to break.”

“A rejection from that level would send the Weekly RSI back below the R/S flip line at 41, and send BTC to the next leg down,” He warned, referring the relative strength (RSI indicator). 

Cointelegraph had reported earlier on the early RSI signal regarding a bear-market trend reversal.

Bitcoin could be sent back to $87,500 if CLARITY is passed in the US and Iran’s war ends.