{"id":11467,"date":"2023-04-13T14:53:45","date_gmt":"2023-04-13T14:53:45","guid":{"rendered":"http:\/\/www.cryptoheretostay.com\/?p=11467"},"modified":"2023-04-13T14:53:46","modified_gmt":"2023-04-13T14:53:46","slug":"bitcoin-friendly-ppi-data-boosts-bulls-as-ether-price-fights-for-2k","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11467","title":{"rendered":"Bitcoin-friendly PPI data boosts bulls as Ether price fights for $2K"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) preserved $30,000 support at the April 12 Wall Street open as more United States macroeconomic data boosted bulls.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>PPI hints further inflation drops to come<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD hovering near $30,250 on Bitstamp.<\/p>\n<p>Amid a slowdown in volatility, U.S. Producer Price Inflation (PPI) data provided a timely hint that inflation was slowing faster than expected.<\/p>\n<p>Headline PPI came in at 2.7% year-on-year versus market expectations of 3% \u2014 an encouraging result for risk assets.<\/p>\n<p lang=\"en\" dir=\"ltr\">US March\u00a0PPI\u00a0fell 0.5% MoM, below estimate of 0%, in another sign that US #inflation may have peaked. pic.twitter.com\/mfI7ab03ev<\/p>\n<p>\u2014 Holger Zschaepitz (@Schuldensuehner) April 13, 2023<\/p>\n<p>Financial commentary resource The Kobeissi Letter was among those noting that the month-on-month drop in PPI values was the largest since the peak in March 2022.<\/p>\n<p>\u201cThe overall PPI inflation rate has fallen from 11.3% to 2.7% since June 2022, less than 1 year ago. There also has not been a monthly increase in PPI inflation since June 2022,\u201d it added.<\/p>\n<p>Reacting, market commentator Tedtalksmacro suggested that the numbers would also provide a snowball effect for another key inflation metric, the Consumer Price Index (CPI), the March print for which also beat prognoses.<\/p>\n<p>\u201cIndicative of further falls in CPI\/PCE in coming months,\u201d he summarized in comments about the PPI result.<\/p>\n<p>Inflation subsiding faster has traditionally buoyed cryptoasset performance as it raises hopes that U.S. economic policy will become less restrictive.<\/p>\n<p>A key event for market participants now will be the Federal Reserve\u2019s next interest rate change, the decision on which is due in May.<\/p>\n<p>According to CME Group\u2019s FedWatch Tool, expectations still favored a further rate hike of 0.25%, with PPI notably doing little to change the mood.<\/p>\n<p><em>Fed target rate probabilities chart. Source: CME Group<\/em><\/p>\n<h2>Bitcoin, Ether struggle at key levels<\/h2>\n<p>While holding $30,000 as support, meanwhile, Bitcoin failed to convince everyone that its ten-month peak would stay.<\/p>\n<p><strong><em>Related:\u00a0Can Ethereum crack $2K? ETH price inches closer despite new unlocked supply<\/em><\/strong><\/p>\n<p>Monitoring resource Material Indicators warned of a bearish signal on its proprietary trading tools, within a broader bullish context.<\/p>\n<p lang=\"en\" dir=\"ltr\">Both Trend Precognition algos are showing red on the BTC Daily chart. Signals are tentative, but both algos on the same candle has historically had a high probability of accuracy so these are the signals I&#8217;ll often act early on. Of course PPI coming at 8:30am might make things\u2026 pic.twitter.com\/rKguVIeS5d<\/p>\n<p>\u2014 Material Indicators (@MI_Algos) April 13, 2023<\/p>\n<p>A snapshot of buy and sell levels on the Binance order book prior to PPI meanwhile showed the strongest resistance parked at $30,500.<\/p>\n<p>\u201cNear range bid liquidity may limit the downside volatility, but this is the #WildWest of #Crypto so anything goes. Watch for rugs,\u201d Material Indicators wrote in part of accompanying comments.<\/p>\n<p><em>BTC\/USD order book data (Binance). Source: Material Indicators\/ Twitter<\/em><\/p>\n<p>As Cointelegraph reported, it was largest altcoin Ether (ETH) stealing the limelight on the day, passing $2,000 for the first time since August last year.<\/p>\n<p><em>ETH\/USD 1-day candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-friendly-ppi-data-boosts-bulls-as-ether-price-fights-for-2k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) preserved $30,000 support at the April 12 Wall Street open as more United States macroeconomic data boosted bulls. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView PPI hints further inflation drops to come Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD hovering near $30,250 on Bitstamp. Amid a slowdown in volatility, U.S. Producer [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11467"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11467\/revisions"}],"predecessor-version":[{"id":11469,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11467\/revisions\/11469"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11468"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}