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Analysis: US PPI data exceeds expectations, Bitcoin may face downside risks
According to Cointelegraph, the U.S. Producer Price Index (PPI) data for January exceeded expectations, rising 0.5% month-on-month (expected 0.3%), with core PPI increasing 0.8% month-on-month (expected 0.3%). As a result, Bitcoin's price came under pressure, dropping nearly 3% at one point during the day, currently hovering around $66,178. Market expectations for a rate cut by the Federal Reserve in March have fallen below 4%.
Meanwhile, safe-haven assets performed strongly, with gold breaking through $5,200 per ounce, reaching a new high since late January; silver rebounded to $92, the highest level since January 30. Traders and analysts warned that Bitcoin might repeat last month's trend, when BTC/USD fell to a 15-month low of $59,000. Data shows that Bitcoin has dropped nearly 17% so far this month, facing a fifth consecutive month of declines, the first occurrence since 2018.
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