{"id":51796,"date":"2024-10-11T13:32:09","date_gmt":"2024-10-11T13:32:09","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-us-ppi-overshoot-btc-price-recovers-sub-59k"},"modified":"2024-10-12T08:06:53","modified_gmt":"2024-10-12T08:06:53","slug":"bitcoin-surfs-us-ppi-overshoot-as-btc-price-recovers-from-sub-59k-dip","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51796","title":{"rendered":"Bitcoin surfs US PPI overshoot as BTC price recovers from sub-$59K dip"},"content":{"rendered":"

Bitcoin (BTC) edged toward $61,500 into the Oct. 11 Wall Street open as crypto ignored a fresh United States inflation curveball.<\/p>\n

\"Bitcoin
BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

Bitcoin avoids fresh dive as PPI adds to inflation woes<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView showed new local highs of $61,476 on Bitstamp.<\/p>\n

The latest US macro data print in the form of the Producer Price Index (PPI) exceeded estimates across the board, coming in at 1.8% versus the expected 1.6%.<\/p>\n

\u201cThe index for final demand less foods, energy, and trade services inched up 0.1 percent in September after rising 0.2 percent in August,\u201d an official press release from the Bureau of Labor Statistics (BLS) stated.<\/p>\n

\u201cFor the 12 months ended in September, prices for final demand less foods, energy, and trade services increased 3.2 percent.\u201d<\/p><\/blockquote>\n

\"\"
US PPI 1-month % change. Source: BLS<\/em><\/p>\n<\/figcaption><\/figure>\n

Thus, the PPI joined the Consumer Price Index (CPI) in signaling an\u00a0increase in inflationary pressures, the latter already posing a \u201cnightmare\u201d for the Federal Reserve.<\/p>\n

Reacting, trading resource The Kobeissi Letter leveraged the results to argue that the Fed\u2019s 0.5% interest rate cut last month was unnecessary.<\/p>\n

\u201cBoth Core PPI and CPI inflation are now officially back on the rise,\u201d it wrote on X.<\/p>\n

\u201cThe Fed did not need a 50 basis point rate cut.\u201d<\/p><\/blockquote>\n

Having gained thanks to the Fed\u2019s move, crypto and risk-assets began to diverge this week, with stocks headed higher while Bitcoin and altcoins saw selling pressure.<\/p>\n

The PPI print had a modest impact on market expectations for the Fed\u2019s next rate move in November. According to CME Group\u2019s FedWatch Tool, the odds of a smaller 0.25% cut stood at nearly 84% on the day, with a roughly 17% chance of rates staying at current levels.<\/p>\n

\"\"
Fed target rate probabilities. Source: CME Group<\/em><\/p>\n<\/figcaption><\/figure>\n

Traders state key BTC price levels to watch<\/h2>\n

Monitoring BTC price action, market observers saw the potential for a retest of resistance higher up the chart.<\/p>\n

Related: <\/strong><\/em>BTC price gains ‘on horizon’ as Bitcoin whales buy 1.5M BTC \u2014 Analysis<\/strong><\/em><\/p>\n

\u201cBitcoin reclaimed $60,600\/800 overnight,\u201d analyst Justin Bennett wrote in part of his latest X analysis, referencing the recovery from $58,860 lows.<\/p>\n

\u201cI never trust an Asia session pump, but If this holds, we could get that $62k retest.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USDT perpetual contract 4-hour chart. Source: Justin Bennett\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

Popular trader Roman spied a marked divergence while hoping for a revisit of $65,000 next.<\/p>\n

Fellow trader Anbessa, meanwhile, identified two key levels above and below the spot price to watch on short timeframes.<\/p>\n

\u201c$63,9k reclaim and s\/r flip will lead to a continuation breakout short-term,\u201d he told X followers.<\/p>\n

\u201c- $60,2k breakdown could give us another dip (imo final volatile dip).\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USD 8-hour chart. Source: Anbessa\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) edged toward $61,500 into the Oct. 11 Wall Street open as crypto ignored a fresh United States inflation curveball. BTC\/USD 1-hour chart. Source: TradingView Bitcoin avoids fresh dive as PPI adds to inflation … Bitcoin surfs US PPI overshoot as BTC price recovers from sub-$59K dip<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51801,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51796","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin surfs US PPI overshoot as BTC price recovers from sub-$59K dip - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51796\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin surfs US PPI overshoot as BTC price recovers from sub-$59K dip - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) edged toward $61,500 into the Oct. 11 Wall Street open as crypto ignored a fresh United States inflation curveball. 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