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U.S. PPI Data: According to a report that was released today by the United States Bureau of Labor Statistics, the seasonally adjusted Producer Price Index (PPI) for final demand recorded a decrease of 0.5% in the month of March. Market participants were, however, expecting an unchanged reading. In light of this news, the crypto market reacted favorably with Bitcoin’s price rising by 1.43% in the past few minutes.
Bitcoin’s Price Action
Bitcoin’s price has seen to be reacting quite positively to the macroeconomics as seen after the release of the Consumer Price Index (CPI) and PPI data. In addition, the U.S. Dollar Index (DXY) dropped on every occasion and it’s currently lying at around 100.90. This has further propelled the price of Bitcoin, which has caused it to retest the level above $30,000.
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Moreover, with the core PPI coming in at -0.5% and outperforming market expectations, crypto experts like Michael van de Poppe believe it to be positive considering inflationary prospects and a possible pause from the FED. He further asserts that this validates Bitcoin’s current price swing and predicts a continuation of its upward trajectory.
News:
PPI coming in at 2.7% already, while 3.0% was forecasted and 4.9% was last month's data.
Core PPI coming in at -0.5%.Great for inflationary perspectives and a pause from the FED.
This means; run continues on #Bitcoin and Indices.
— Michaël van de Poppe (@CryptoMichNL) April 13, 2023
Bitcoin On Route To All-Time High?
Considering the Bitcoin to US Dollar exchange rate has increased by more than 70% in 2023 and has come a long way from its low point of $15,600 reached in November 2022, analysts are already discussing the impact that the halving of the block subsidy would have the following year. The next “halving” which is scheduled to reduce the amount of Bitcoin that miners “mine” per block from 6.25 Bitcoin to 3.125 Bitcoin, will reflect an emission decrease precisely like others that have come before it.
As things stand, the price of BTC is currently exchanging hands at $30,440 which represents an increase of 1.76% over the past 24 hours as opposed to a gain of 9.11% recorded over the previous seven days. Additionally, it should be noted that BTC’s technical analysis (TA) indicators at CoinGape’s price tracker presently recommend a “buy” position, advising a “buy” at level 15 and a “sell” at level 2 by its moving averages.
Also Read: Is Bankrupt FTX Exchange Looking For A Comeback In Q2 Of 2023?
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