BTC price due for $31K as analyst says ‘disinflation’ boosting Bitcoin

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Bitcoin (BTC) is set to challenge the July 13th range high as new macroeconomic data boosts the bull market in risky assets.

PPI Shows U.S. Inflation Has Fallen Better Than Expected

Cointelegraph Markets Pro and TradingView As the BTC price focus rose above $30,500, the market followed suit.

PPI Inflation Leads CPI for Months…and Today’s PPI Number Holds +0.24% YoY

Almost deflated! Will the Fed pivot anyone? https://t.co/oM4ck5Vgwy pic.twitter.com/Xl78ohLzOM

— tedtalksmacro (@tedtalksmacro) July 13, 2023

U.S. producer price index (PPI) data released on Monday were again weaker than expected, helping inflation expectations slow sharply.

But despite the previous day’s PPI and consumer price index (CPI) data, the market itself is still confident the next rate hike will happen with two weeks left before the Federal Reserve decides on interest rate policy. was

According to CME Group fedwatch toolsAt the time of writing, the bet on a 0.25% rate hike is almost 95%.

“Literally everything points to further disinflation in the coming months and quarters (even if the energy picks up from here). Core CPI will decelerate so quickly that people will be shocked.” said Caleb Franzen, senior market analyst at Cubic Analytics. I have written as part of follow-up.

Franzen argued that lower inflation had a direct impact on the BTC price rally throughout 2023.

“Look at how big stock prices have fallen this year. Notice how bitcoin is up +86% year-to-date. It’s due to disinflation,” he explained.

Analyst Presents Bitcoin Breakout Target of $38,000

When it came to Bitcoin itself, the atmosphere was more optimistic.

RELATED: Will Bitcoin catch up?BTC price was $40,000 when the dollar was this cheap before

Along with the PPI, there is also news that Europe’s first Bitcoin spot Exchange Traded Fund (ETF) will be launched this year.

Mikael van de Poppe, founder and CEO of trading firm Eight, hoped the breakout would come soon.

“Bitcoin is holding $30,200 and will likely start seeing highs again,” he said. Said Overnight BTC price movement.

“If we test it again, it will soon break through to $38,000.”

In an additional Twitter post from the day, Downward target of $29,300 If the $30,000 support can no longer be maintained.

Other investors, including popular trader Skew, suggested that the range is holding firm but a return to trend is not far away.

$BTC 4 hours
2 weeks later and still chopping here lol

However, the price is doing well at the 4H/1D EMA

Stoch reset/RSI reset

The market seems ready for a big move https://t.co/RD3ffAKQag pic.twitter.com/eHCBPflsm1

— Skew Δ (@52kskew) July 13, 2023

Meanwhile, fellow trader Jere eyed Triangle formation just below the ‘significant’ $31,000 resistance line.

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This article does not contain investment advice or recommendations. Any investment or trading move involves risk and readers should conduct their own research before making any decision.