– Bitcoin (BTC) is showing signs of challenging range highs as fresh macroeconomic data boosts risk asset bulls.
– The United States Producer Price Index (PPI) numbers came in below expectations, indicating rapidly abating inflation forecasts.
– Despite the declining inflation, markets are still convinced that the Federal Reserve will raise interest rates.
– Analysts believe that declining inflation has directly influenced the rebound of the BTC price.
– Europe is set to launch its first Bitcoin spot exchange-traded fund (ETF) this year.
– Traders and analysts are optimistic about a potential breakout in the BTC price, with targets ranging from $38,000 to $29,300.
Bitcoin and crypto markets are getting ready for a “major move,” as BTC price action coils up below $31,000. The recent macroeconomic data and declining inflation have provided a boost to risk assets like Bitcoin. The anticipation of a potential interest rate hike by the Federal Reserve has not dampened the optimism in the market. Additionally, the launch of the first Bitcoin spot ETF in Europe adds to the positive sentiment. Traders and analysts are eyeing a breakout in the BTC price, with targets ranging from $38,000 to $29,300. It’s an exciting time for crypto enthusiasts as they eagerly await the next big move in the market.