Bitcoin price reaches 68K while the cryptocurrency market remains indifferent to US PPI data

Bitcoin (
BTC
) managed to avoid a potential drop below $69,000 as the Wall Street open on June 13 approached, with markets cautiously reacting to the latest United States inflation data.


On the 1-hour chart for BTC/USD, sourced from TradingView, Bitcoin saw a spike to $68,433 on Bitstamp before retracting.
The U.S. Producer Price Index (
PPI
) data for May came in lower than expected, indicating a slowdown in inflation. Despite being a positive sign for risk assets and cryptocurrencies, Bitcoin didn’t show much excitement in response to the PPI data, unlike the previous day’s data releases.


The 1-month % change in the U.S. PPI, sourced from the Bureau of Labor Statistics, showed a decrease. Jobless claims, which exceeded expectations, also failed to boost market sentiment.


As popular trader Skew pointed out to his followers on X (formerly Twitter), the market seemed uncertain and hesitant, potentially leading to significant changes during the U.S. trading session.
Skew also mentioned that although the U.S. dollar weakened following the PPI data, it didn’t experience substantial volatility. The U.S. dollar index (DXY) recovered from a brief dip to 104.64 and was at 104.79 at the time of writing.


According to fellow trader Dann Crypto Trades, the typical response from the market was observed in the BTC price reaction.
Looking ahead, trading firm QCP Capital expressed optimism about the long-term outlook for both Bitcoin and Ether (
ETH
), anticipating positive developments in U.S. financial policy for the remainder of 2024.
Related:
Why is Bitcoin price stagnant?
In its update to Telegram channel subscribers, QCP noted that the Federal Reserve’s dot plot remained uncertain, making it challenging to predict the number of rate cuts officials might prefer this year.


QCP also highlighted the potential approval of spot Ether exchange-traded funds (ETFs) as a bullish factor that could influence macro shifts alongside potential Fed rate cuts.
“We maintain a positive outlook for the rest of the year, driven by the expected approval of ETH ETF S-1 and possible rate cuts in September and at year-end,” QCP confirmed.
This article serves as information and does not constitute investment advice. Readers are advised to conduct their own research and assessment before making any investment or trading decisions.