Willian Stuart

🔥Bitcoin pulls back as the Producer Price Index data is released in the United States 👀😍💰💰✅ bonus on my first post on my profile 💸💲
The price of #bitcoin dropped below $80,000, following the release of the Producer Price Index (#PPI) data from the United States, signaling further inflation advances caused by the conflict between the U.S. and Iran and the rise in oil prices.
After the consumer price index (CPI) data was released on Tuesday, the PPI also surprised to the upside, which could pose a hurdle for #Cryptocurrencies and risk assets, due to the Federal Reserve's decision on interest rates based on this data.
According to the data, the PPI increased by 6% year-on-year, while a 4.9% increase was expected. This rise is the largest recorded since December 2022. Additionally, according to Fedwatch tool data, it's estimated that there will be no interest rate cuts in the upcoming Federal Reserve meeting in June.
Meanwhile, traders are holding onto hope that Bitcoin will stay above $80,000 and that it will soon break through $82,000 and $84,000,
but everything will depend on clearer market signals, especially with the conflict in the Middle East.
Do you think Bitcoin will hold the $80,000 level or will it pull back again to the $60,000 range?
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