China · Bitcoin · Federal Reserve (FED) · Bitcoin ETF · The Block
Bitcoin pinned near critical support as hot PPI spike compounds rate hike fears: analysts
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
◎ Multiple-sources
Bitcoin briefly slipped below $80,000 on Wednesday as April core producer prices surged 1% month-over-month in the steepest reading since March 2022, dealing a second consecutive blow to Federal Reserve rate-cut expectations.
Key facts
- Bitcoin spot ETFs recorded $233 million in net outflows on May 12, led by Fidelity's FBTC at $86.13 million, according to SoSoValue
- Following the latest inflation data, BTC perpetual open interest fell 7% from a week ago to $36.8 billion, consistent with deleveraging on the move below $80,000, Nexo analysts wrote in a note
- Following the PPI release, bitcoin (BTC) oscillated between $79,700 and $80,200, a band that traders are treating as critical near-term support
- Bitcoin briefly slipped below $80,000 on Wednesday as April core producer prices surged 1% month-over-month in the steepest reading since March 2022, dealing a second consecutive blow to Federal
Summary
Core PPI blew past the 0.3% consensus forecast and an upwardly revised 0.2% reading in March, according to the U.S. Bureau of Labor Statistics' report. April CPI, released the prior session, had already rattled sentiment. Following the PPI release, bitcoin (BTC) oscillated between $79,700 and $80,200, a band that traders are treating as critical near-term support. "The fact that Bitcoin is holding the $80k support level here is crucial and speaks of the strength of this asset," said Matt Mena, senior crypto research strategist at 21Shares.