PPI Day: Crypto on Edge ⚡
Bitcoin has started the day bleeding. Losing around 6.8% to trade around $68,900 with Fear & Greed at 20. 😬📉 Economists are expecting October producer prices to rise by 0.4% compared to the previous month.
Following a shocking 1.3% increase in September. 📊🔥 The October CPI figure was already strong, printing at 0.4%. Traders are therefore expecting to factor in risk of a rate hike in December. 🏦⚠️
Typically higher producer prices will feed through into consumer prices, keeping the Fed in a hawkish position and liquidity tight. 🧲💧 Outflows in US Spot ETFs have been running for three consecutive days this week, therefore there isn’t much support below price. 🐻🏃
If we get a strong print then Bitcoin could move towards $68,000. 🧨📉 But if it prints weakly then we could see a bounce as sentiment is very oversold.
#PPI #Fed #cpi
$BTC
Bitcoin has started the day bleeding. Losing around 6.8% to trade around $68,900 with Fear & Greed at 20. 😬📉 Economists are expecting October producer prices to rise by 0.4% compared to the previous month.
Following a shocking 1.3% increase in September. 📊🔥 The October CPI figure was already strong, printing at 0.4%. Traders are therefore expecting to factor in risk of a rate hike in December. 🏦⚠️
Typically higher producer prices will feed through into consumer prices, keeping the Fed in a hawkish position and liquidity tight. 🧲💧 Outflows in US Spot ETFs have been running for three consecutive days this week, therefore there isn’t much support below price. 🐻🏃
If we get a strong print then Bitcoin could move towards $68,000. 🧨📉 But if it prints weakly then we could see a bounce as sentiment is very oversold.
#PPI #Fed #cpi
$BTC
