🚀Analysts Discuss Bitcoin Price Movements and Market Reactions
📉 BTC Price Update
BTC briefly hit $58,000 with the US market opening but dropped to $57,700. The prolonged weakness has normalized lower levels for altcoins, making recovery potentially painful.
📊 PPI Data Impact
The annual PPI was announced at 2.6%, higher than the 2.3% expectation, negatively impacting cryptocurrencies. Despite June inflation data indicating a decline, the Fed remains cautious. The US Bureau of Labor Statistics noted a 2.6% increase for the 12 months ending in June, the largest since March 2023.
📉 Analyst Insight
Popular crypto analyst Skew commented on the sticky nature of PPI, with rising energy, food, and service prices being a bad outlook. Initial market reactions saw DXY and yields rise before falling, indicating expectations of a harsh reality as demand drops. End-of-day performance will be important.
📈 BTC Order Book and Price Target
Despite the negative outlook, the BTC order book on Binance shows strong liquidity, preventing lower levels. Crypto analyst Rekt Capital stated that BTC needs a daily close at $58,350 or above to challenge the Lower High resistance and aim for $60,600.
