Bitcoin (
BTC
) managed to avoid a new challenge at $69,000 during the opening of the Wall Street on June 13 as the markets cautiously waited for the latest United States inflation figures.
BTC/USD 1-hour chart. Source: TradingView
The U.S. Producer Price Index (
PPI
) data for May fell short of expectations, signaling a slowdown in inflation. While this was seen as a positive indicator for risk assets and cryptocurrency, Bitcoin had a lukewarm response to the PPI data compared to previous releases.
Despite better-than-expected jobless claims, the sentiment failed to improve in the market. Popular trader Skew pointed out that the situation could change drastically during the U.S. trading session, describing the market as confused and hesitant.
Skew also observed that the U.S. dollar, although weakening due to the PPI data, did not experience significant fluctuations. The U.S. dollar index (DXY) stood at 104.79, recovering from a brief drop to 104.64.
“It’s the usual scenario,” noted fellow trader Dann Crypto Trades in his analysis of Bitcoin’s price reaction.
Looking ahead, trading firm QCP Capital expressed optimism about the long-term prospects of both Bitcoin and Ether (
ETH
), citing a more positive outlook on U.S. financial policy for the rest of 2024.
QCP highlighted the uncertainty surrounding the Federal Reserve’s dot plot and the potential approval of Ether exchange-traded funds (ETFs) as factors that could drive bullish market sentiment.
“We maintain a positive outlook for the coming months, supported by the expected approval of ETH ETFs and possible rate cuts later in the year,” the firm stated.
This article is for informational purposes only and does not offer investment advice. Readers are advised to conduct their own research before making any investment decisions.