Data from the USA Created the “Ideal” Environment for Bitcoin to Rise
According to the famous cryptocurrency analyst, the data announced in the USA prepared the ideal environment for Bitcoin to rise.
Bitcoin (BTC) price started to fall after the Fed's statement. However, according to Michael van de Poppe, the data announced today will be in favor of Bitcoin.
PPI data announced in the USA
The US Department of Labor announced the Producer Price Index (PPI) data for May.
Producer prices unexpectedly experienced the sharpest decline in the last 7 months last month. PPI decreased by 0.2% in May compared to the previous month. The market was expecting a 0.1% increase on a monthly basis. An increase of 0.5% was recorded in April.
Producer prices increased by 2.2% on an annual basis, with May data.
Core producer prices, excluding food and energy prices, remained unchanged on a monthly basis and increased by 2.3% on an annual basis. Analysts expected a monthly increase of 0.3%.
Energy prices 4.8% per month; Food prices decreased by 0.1%.
Bullish signal for Bitcoin
Cryptocurrency analyst Michael van de Poppe emphasized that PPI and core producer prices remained below expectations both month-on-month and year-on-year.
However, he added that unemployment claims were higher than expected. According to Ministry of Labor data, the number of people applying for unemployment benefits increased to 242 thousand as of the week ending June 8. The market was expecting an increase of 225 thousand.
“This is ideal for possible interest rate cuts, which I think will lead to a positive market reaction for Bitcoin,” said Michael van de Poppe.