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Analysis: The US PPI exceeded expectations, and with the FOMC approaching, Bitcoin has fallen back to the $72,000 range
According to Cointelegraph, influenced by the unexpected U.S. inflation data, btc-42">Bitcoin has fallen back to around $72,000.
Data shows that the U.S. February PPI rose 0.7% month-on-month and 3.4% year-on-year, both exceeding market expectations, continuing the recent upward trend in inflation. The data was released just hours before the Federal Reserve's interest rate decision, and although the market generally expects no rate adjustment this time, market fluctuations still depend on Chairman Jerome Powell's statements and policy guidance.
Singapore trading firm QCP Capital pointed out that macro factors remain the dominant variable in the current market. As rising oil prices weaken rate cut expectations, the interest rate environment's support for the crypto market is diminishing. Currently, traders are generally turning cautious. Analyst Jelle stated that Bitcoin is still hindered below a key resistance level, and it is "safer to remain cautious" before the FOMC meeting, warning of the risk of breaking below support. Some opinions even suggest that the market is still in a bear phase.
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