Bitcoin (BTC) held strong at the $70,000 support level on April 11, despite the opening of Wall Street, thanks to positive macro data from the United States.
According to data from Cointelegraph Markets Pro and TradingView, the price of BTC fluctuated throughout the day but remained in the hands of the bulls. The Producer Price Index (PPI) for March came in at 0.2% month-on-month, which was below expectations. This helped to offset the previous Consumer Price Index (CPI) overshoot, resulting in a mixed outlook for inflation. However, overall, the market still anticipated a longer wait for the Federal Reserve to lower interest rates.
Keith Allen, co-founder of trading resource Material Indicators, commented on the inflation data, stating that it may not have a significant impact on the market given the expectation of high inflation in the long term. He also highlighted the upcoming block subsidy halving and current BTC price structures as more important factors to consider.
Alan emphasized that the $69,000 level was crucial to monitor, as it remained the most critical level for BTC. A chart of BTC/USDT order book liquidity on Binance showed that sellers were waiting near $73,000, while bid support was strengthening near $67,000.
Despite the recent price increase, funding rates for Bitcoin remained low, which was seen as a positive sign by market observers. Philip Swift, co-founder of statistics platform Look Into Bitcoin, noted that Bitcoin funding rates finally looked healthy since BTC surpassed $70,000.
Trader Daan Crypto Trades pointed out that traders were hesitant to go long on BTC due to repeated rejections near all-time highs. Breaking and holding above the $71.5K level would be crucial for BTC to reach new all-time highs.
It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any investment decisions.