PPI data came in significantly cooler than expected.
1- Core PPI: 0.1% vs 0.4% forecast (massive miss to the downside)
2- PPI: 0.5% vs 1.1% forecast (less than half of what was expected)
Both readings dropped sharply from last month's numbers. Core PPI went from 0.5% to 0.1% and headline PPI went from 0.7% to 0.5%. This is bullish for Bitcoin at this resistance level since cooler inflation means the Fed has more room to consider rate cuts as the dollar weakens.
Based on the historical data I shared in the previous update, hot PPI prints have caused 4-6% drops within 48 hours every time since October. But friendly PPI prints have allowed price to hold and grind higher. With BTC already sitting at the $74K-$75K resistance, this is the kind of data that could give it the push to finally break through.
$74-$75k resistance was rejected multiple times in February. Price is retesting this zone again and the reaction this time at these levels decide whether we move to $80-$84k range. The consolidation seems to be bullish but we are still at resistance and today there is PPI data in few mins. STABLEC.D and USDT.D both sitting at support and if that support holds then it will be another bearish signs.
Plan is simple a daily close above 75k will be the first sign of resistance break and a weekly close above 75k will be a bullish confirmation. As we wait for the PPI data, I suggest moving SL to Entry for all the long trades.