US PPI Inflation Relief Sends Bitcoin Price To $76,000

Bitcoin's price climbed above $76,000, reaching monthly highs, driven by US inflation data that remained below market expectations. The Producer Price Index (PPI) for March showed a 4.0% year-on-year increase, lower than the anticipated 4.7%, and a 0.5% month-on-month rise, contrary to the expected 1.1%. Despite this relief, some market observers noted an overall uptrend in inflation metrics, with concerns that "inflation is back." This data has kept Federal Reserve interest rate cut expectations firmly towards the end of next year. Traders are observing Bitcoin's price action closely, with some suggesting that the current move above $75,000 triggered short liquidations. Technical analysis indicates that Bitcoin might test the 21-week moving average around $78,300, a level that could prove difficult to break. A rejection at this point could lead to a further price decline, while positive developments like the passage of the CLARITY Act and an end to the war in Iran could push Bitcoin towards its yearly open price of $87,500.

(Source：Cointelegraph)