Happy Friday to everyone 🌸

Today, the #PPI is being released on the economic calendar.

#Bitcoin is back at the support level. We dipped below the support twice but managed to get back above it. However, we couldn't break above the upward channel line coming from the bottom. Breaking above this area would ease the market. We attempted twice in a row but got rejected. Currently, we are trying to hold onto the support. For about 8 days, $BTC has been moving sideways at these levels, and no clear pattern has formed yet. There's a high probability of a pullback from this area. Breaking the $59k level is crucial; until we reclaim this area, the pressure will continue.

☑️For June 2024, the Producer Price Index is expected to increase by 0.1%, compared to a 0.2% decrease in the previous month. #CPI_BTC_Watch

☑️If the PPI data comes in high, we might observe a decline in U.S. indices due to inflation concerns and expectations of a rate hike. Conversely, if the data is low, we could expect a positive reaction as inflationary pressures ease.

☑️A result in line with expectations might not cause significant market fluctuations, and indices could maintain a balanced trend.

Wishing everyone a profitable day 🌸