Crypto Daily - Bitcoin bulls are refusing to be deterred. A bearish chart pattern had formed going into Thursday, but in spite of a drop in price, a higher low was formed and now the bulls are back and pushing for the highs again.

Better PPI data but Powell still concerned

While Bitcoin perhaps readies itself for a breakout, the news in the US economy is still that uncertainty reigns. Although lower than expected PPI data was released on Thursday, adding to the general cooling of inflation that has continued to be experienced, a speech by Jerome Powell yesterday still carried very hawkish overtones. He warned of more frequent “supply shocks” caused by President Trump’s global tariffs, and that these would be likely to cause more volatile inflation.

These comments by Federal Reserve Chairman Jerome Powell do not inspire confidence that interest rates will be lowered any time soon. It looks like Trump and Powell will be banging heads for some time to come.

That said, at least in the US stock market, bullish sentiment is becoming very strong. The Fear and Greed Index is deeply in the Greed sector with a reading of 69.

S&P 500 getting back to the highs