BTC price Although it saw $58,000 again with the US market opening, it could not stay at this level and is now at $57,700. Weakness that has been going on for weeks altcoins has now normalized lower levels and the return process may be painful. So what does the current outlook of experts on cryptocurrencies indicate after the PPI data? Will the rise begin?
PPI and BTC
The annual PPI was announced as 2.6% despite the expectation of 2.3%. This development, which we announced at the last minute, was negative for cryptocurrencies. The Fed’s cautious stance is perhaps understandable despite the fact that the June inflation data also points to a decline. The statement made by the US Bureau of Labor Statistics reads as follows; A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
“On an unadjusted basis, the index rose 2.6 percent in the 12 months ending in June, its biggest gain since the 2.7 percent increase in the 12 months ending in March 2023.”
Popular crypto analyst Skew is latest data In the light of this he wrote the following;
“So overall PPI is sticky on a yearly basis, if not higher, due to higher prices and lack of supply. Rising energy, food and services prices are not a good look. The initial reaction was for DXY and Yields to rise before falling, which tells me the market is expecting a harsh reality as demand continues to fall. NQ&ES is likely rallying here as hedges come out. End of day performance will be important.”
However, the analyst wrote that the BTC order book on the Binance exchange is strong, meaning liquidity is positioned in favor of preventing lower levels.
BTC Price Target
Crypto analyst Rekt Capital clearly wrote that the daily close should be $58,350 and above. BTC Since it has been closing at low levels for a long time, investors can act boldly in selling at points close to $60,000 due to concerns about deeper bottoms.
“Bitcoin has the recovery it needs and the price is currently challenging the Lower Top resistance again. Bitcoin“To break the Lower High resistance and more importantly, a daily close above $58350 (black) is needed to rally to $60600 (blue).”
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
