Investors are closely watching the Consumer Price Index (CPI) and Producer Price Index (PPI) readings for June.
Bitcoin resists awaiting inflation data in the US
The investors they are very attentive to the readings of thesays consumer prices (CPI) and the producer price index (IPP) for June, which are the guide for market operators. This Tuesday, July 11, the Bitcoin resists in the u$s30,445.08 after rising 0.9% in the last 24 hours.
These economic indicators will provide essential information on inflationary pressures and the performance of the US economy in general, influencing market sentiment and potentially impacting the movement of the Bitcoin price.
This Tuesday, the Fear and Greed Index which tries to gauge investor sentiment, is in the 56 points, that is to say “neutral”. This measurement is important, since it expresses lThe logic is that excessive investor fear pushes stocks down, while investor greed pushes them up.
Bitcoin: attention to the inflation data for June
This week will be published the consumer price index (CPI) and the producer price index (PPI) for June in the US, with which the inflation data they will be the center of attention. These reports are crucial, as they can influence the Federal Reserve’s decision on interest rates.
Investors will then closely monitor any signs of rising inflation. that could lead the Fed to reconsider its plans to raise interest rates by 25 basis points. After pausing rate hikes last month, the Fed’s turn to a tougher stance will depend on inflationary pressures in the economy.
Although the Fed’s measures have contributed to lowering the CPI from 9% in August 2022 to 4% in Mayconcern about a possible break that could have serious consequences for the economy continues to grow.
Bitcoin: price projection
Bitcoin is currently facing resistance around the $31,000 level.but it is managing to stay slightly above $30,000.
The resistance is observed near $31,350and a successful break above this level could propel Bitcoin towards the next target around $32,500 or potentially even higher around $34,150.
To the downside, immediate support levels can be found around $30,300 or possibly around $29,650. A break below $29,650 could propel Bitcoin towards the next target. A break below the u$S29,650 would cause a decrease towards u$S28,650 or even towards u$S27,900.
Therefore, it is crucial to closely monitor the level of $31,000, as it could serve as an indicator of a buying opportunity in Bitcoin.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
