Bitcoin managed to resist a new attack on the $69,000 mark as Wall Street opened on June 13, with markets engaging in a cautious dance with the latest United States inflation figures.
The BTC/USD 1-hour chart showed Bitcoin spiking to $68,433 on Bitstamp before retracing back down. This surge followed the release of the U.S. Producer Price Index (PPI) data for May, which came in below expectations, signaling a slowdown in inflation.
Despite the positive implications for risk assets and cryptocurrencies, Bitcoin’s reaction to the PPI data was muted compared to the previous day’s data releases. Jobless claims, which exceeded forecasts, also failed to lift market sentiment.
Popular trader Skew hinted at a potential shift in market sentiment during the U.S. session, describing the current situation as one of confusion and hesitation. Meanwhile, the U.S. dollar, which initially fell in response to the PPI data, did not experience significant volatility, with the U.S. Dollar Index (DXY) hovering around 104.79.
Looking ahead, trading firm QCP Capital expressed optimism about the long-term prospects of Bitcoin and Ether, citing the ambiguity of the Federal Reserve’s dot plot and the potential approval of spot Ether exchange-traded funds (ETFs) as bullish factors for the market. QCP maintained a positive outlook for the remainder of the year, anticipating potential rate cuts and the approval of ETH ETFs.
It is important to note that this article does not provide investment advice, and readers should conduct their own research before making any financial decisions.