Bitcoin recently dipped to around $107,000 but is now showing signs of recovery. Positive US inflation data has provided a boost for crypto markets, pushing the dollar down to its lowest value in three years.
On June 12, as reported by Cointelegraph Markets Pro and TradingView, BTC/USD rebounded after hitting a low of $106,600. The catalyst for this shift was the US Producer Price Index (PPI) reporting growth below expectations, which signals easing inflation and may lead the Federal Reserve to cut interest rates sooner than anticipated.
The Federal Reserve's current stance has remained somewhat hawkish, despite pressure from political figures. Nevertheless, the latest inflation figures have had a notable effect on the US dollar, with the US Dollar Index (DXY) falling significantly. Market analysts from trading firm QCP Capital commented that prevailing macro conditions still favor bullish sentiment towards Bitcoin despite the recent volatility.
Bitcoin traders are monitoring the short-term price action closely, particularly in light of the recent price fluctuations. Some expect Bitcoin to make a significant move in either direction based on current price levels. The predictions of reaching new all-time highs of up to $116,000 by the end of June are prevalent among traders, contingent on holding the current support level around $107,000.
This article does not serve as investment advice. Prospective traders should conduct their own analyses before making financial decisions.
On June 12, as reported by Cointelegraph Markets Pro and TradingView, BTC/USD rebounded after hitting a low of $106,600. The catalyst for this shift was the US Producer Price Index (PPI) reporting growth below expectations, which signals easing inflation and may lead the Federal Reserve to cut interest rates sooner than anticipated.
The Federal Reserve's current stance has remained somewhat hawkish, despite pressure from political figures. Nevertheless, the latest inflation figures have had a notable effect on the US dollar, with the US Dollar Index (DXY) falling significantly. Market analysts from trading firm QCP Capital commented that prevailing macro conditions still favor bullish sentiment towards Bitcoin despite the recent volatility.
Bitcoin traders are monitoring the short-term price action closely, particularly in light of the recent price fluctuations. Some expect Bitcoin to make a significant move in either direction based on current price levels. The predictions of reaching new all-time highs of up to $116,000 by the end of June are prevalent among traders, contingent on holding the current support level around $107,000.
This article does not serve as investment advice. Prospective traders should conduct their own analyses before making financial decisions.
