Bitcoin (BTC) held strong above the $70,000 support level on April 11, supported by positive macro data from the United States. The Producer Price Index (PPI) for March came in below expectations at 0.2% month-on-month, providing a boost to risk sentiment. While this partially offset the previous Consumer Price Index (CPI) overshoot, it created a mixed picture of inflationary forces. Market participants now anticipate a longer wait for the Federal Reserve to lower interest rates. Traders are closely watching the upcoming block subsidy halving and current BTC price structures, with $69,000 being identified as the most critical level to monitor. The BTC/USDT order book on Binance shows sellers waiting near $73,000 and strong bid support near $67,000. Funding rates for Bitcoin remain low, suggesting a healthy market sentiment. However, traders are hesitant to go long on BTC due to repeated rejections near all-time highs. Breaking and holding above $71,500 could pave the way for further gains. This article does not offer investment advice, and readers are advised to conduct their own research before making any decisions.
Bitcoin funding rates remain calm as BTC price hovers below $71K