Bitcoin is making a tentative recovery attempt today, gaining nearly 3% around 90 minutes ahead of the release of U.S. Producer Price Index (PPI) data. Cryptocurrencies found some breathing room following yesterday’s U.S. CPI report, which offered investors at least temporary relief after core CPI rose by 0.2% month-over-month, below the 0.3% consensus forecast.
Interestingly, Bitcoin showed little correlation with Wall Street, where equities closed broadly lower yesterday. Despite sharp declines in the Nasdaq 100, the cryptocurrency managed to rebound toward the $63,000 level. If today’s PPI data comes in in line with or below expectations, Bitcoin may be able to extend its recovery.
On the other hand, a stronger-than-expected increase in producer prices could undermine the somewhat dovish and reassuring inflation picture created by yesterday’s CPI release. In that scenario, Bitcoin could struggle to regain bullish momentum, particularly against the backdrop of elevated bond yields and a still-strengthening U.S. dollar.
Bitcoin (D1 timeframe)
Source: xStation5
AI trade loses momentum, as LVMH fails to impress
Daily Summary: Chip War Weighs on Wall Street as Oil Plunges After US–Iran Ceasefire ⭐
Nasdaq-100 under pressure after chip sell-off
China Is Building Its Own Chip-Making Machines. ASML Under Pressure as the Technology War Enters a New Phase
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
