🔥Bitcoin dips as U.S. Producer Price Index data gets released 👀
The price of
#bitcoin dropped below $80,000, following the release of the U.S. Producer Price Index (
#PPI ) data, signaling a potential breakout of
#inflación triggered by the U.S.-Iran conflict and rising oil prices.
After Tuesday's Consumer Price Index (CPI) data, the PPI also surprised to the upside, which could pose a hurdle for
#Criptomonedas and risk assets, as the Federal Reserve's interest rate decisions will likely be influenced by these numbers.
According to the data, the PPI increased to 6% year-on-year, while a 4.9% rise was anticipated. This spike is the highest recorded since December 2022. Furthermore, data from the Fedwatch tool suggests that there will be no rate cuts in the upcoming Federal Reserve meeting in June.
Meanwhile, traders are still holding onto hopes that Bitcoin will stay above $80,000 and soon break out at $82,000 and $84,000, but everything hinges on clearer market conditions, especially with the ongoing conflict in the Middle East.
Do you think Bitcoin will hold the $80,000 level, or will it dip again to the $60,000 range?
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