Bitcoin held firm above the $70,000 mark during the April 11 opening of Wall Street, despite new US economic data releasing a more optimistic outlook.
Bitcoin stays higher as U.S. PPI inflation drops
The prices of Bitcoin, as indicated by data from CryptoMoon Markets Pro and TradingView, displayed erratic movements, with buyers successfully defending their positions gained the previous day.
In simpler terms, the PPI report for March surprised markets by showing a smaller than anticipated increase of 0.2% compared to the previous month, which was taken as positive news for riskier investments.
The CPI overestimation from before was somewhat corrected by this, creating a complex inflation scenario. Nonetheless, investors had anticipated that the Fed would postpone reducing interest rates more than initially assumed.
After the unexpectedly high inflation figures revealed yesterday, I’m finding it hard to give significance to today’s reports. The financial markets seem to have already factored in prolonged high inflation rates. (Keith Allen’s statement paraphrased)
Alan, like many others, gave greater importance to the impending Bitcoin block reward reduction and existing price trends.
In simpler terms, the optimistic view for Bitcoin (BTC) is strengthening due to a pattern of successively higher bottoms. On the other hand, pessimists argue that the bulls have failed to confirm a crucial reversal signal or break above key resistance levels at $69,000 and the 21-day moving average.
Alan added that $69,000 remained the “most critical” level to watch.
In the video that went along with it, there was a chart from Binance, the biggest cryptocurrency exchange worldwide, displaying the liquidity of BTC/USDT orders. This chart indicated that sellers were holding out around the $73,000 mark, while buyers showed growing support at approximately $67,000.
BTC longs “hesistant” near $71,000
Market watchers took encouragement from the calm scene on trading platforms, as funding costs remained subdued despite the latest price surge.
According to Philip Swift, the co-founder of statistical platform Look Into Bitcoin, Bitcoin funding rates appear promising for the first time since Bitcoin surpassed the $70,000 mark.
“Bitcoin needed this choppy consolidation to clear out the degens trying to go leverage long. Encouraging sign for bulls.”
Daan Crypto Trades, a well-known trader, expressed that some traders have become uncertain about buying and holding Bitcoin (BTC) after several unsuccessful attempts to reach new all-time highs.
He concluded that surpassing the $71,500 mark was significant and necessary for reaching new all-time highs, which would eventually occur.
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2024-04-11 16:46