Bitcoin managed to avoid a potential downturn towards $69,000 as Wall Street opened on June 13, with markets cautiously reacting to the latest United States inflation data.
BTC/USD 1-hour chart displayed a spike to $68,433 on Bitstamp before retracting, following the release of the U.S. Producer Price Index (PPI) for May, which fell below expectations across the board, indicating a slowdown in inflation.
Despite this being a positive sign for risk assets and cryptocurrencies, the crypto market showed a relatively subdued response to the PPI data compared to previous releases.
Popular trader Skew noted the confusion in the market, suggesting that sentiments could shift dramatically during the U.S. session.
While the U.S. dollar weakened in response to the PPI data, it did not experience significant volatility, with the U.S. Dollar Index (DXY) recovering from a brief dip.
Fellow trader Dann Crypto Trades echoed similar sentiments, indicating a stable response from Bitcoin to the market dynamics.
Trading firm QCP Capital maintained a bullish outlook for Bitcoin and Ether, anticipating positive shifts in U.S. financial policy for the remainder of the year. They highlighted the potential approval of spot Ether exchange-traded funds (ETFs) as a catalyst for macro shifts, expecting further rate cuts by the Fed in September and year-end.
It is important to note that this article does not offer investment advice. Readers are advised to conduct their own research and analysis before making any investment decisions.