Key BTC price levels emerge as Bitcoin hits $58K on ‘sticky’ US PPI

Bitcoin edges higher while the US dollar flags on the latest PPI inflation data, but BTC price strength has yet to convince analysts.

• Bitcoin tagged $58,000 around the July 12 Wall Street open as markets reacted to “sticky” United States inflation data.
• Data showed BTC price strength improving as the Producer Price Index (PPI) print for June rose above expectations.
• While the opposite of the previous day’s Consumer Price Index (CPI) numbers, BTC/USD avoided a downturn on the PPI release.
• Popular trader Skew commented on the PPI numbers and market reactions.

Bitcoin joins stocks in positive PPI reaction

Year-on-year PPI came in at 2.6% versus 2.3% expected, 0.1% higher than the month prior. The US Bureau of Labor Statistics noted that the final demand index rose 2.6% for the 12 months ended in June.

BTC/USD avoided a downturn on the PPI release, modestly gaining in line with US stocks while dollar strength tumbled.

Increasing energy, food and trade services prices is not a great look.

Skew noted that barring energy, food and trade services, the Index was “basically flat” and less of a surprise to markets.

NQ & ES likely recovering here with hedges coming off. End of day performance will be important.

Analyst demands higher BTC price daily close

Others also demanded a stronger statement from BTC/USD to entertain the idea of a longer-term recovery.

Popular trader Rekt Capital highlighted $58,350 as the required minimum for the daily close.

Bitcoin needs to Daily Close above $58350 (black) to break the Lower High and position itself for a rally to $60600 (blue).

Rekt Capital reiterated earlier coverage of BTC/USD attempting to break through a downward trendline — something met with rejection throughout recent days.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.