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Bitcoin experienced a breakout at the $70,000 support level with the opening of Wall Street on April 11, bolstered by new US macroeconomic data. Data from TradingView showed a volatile Bitcoin price movement, with bulls maintaining their gains from the previous day. The Producer Price Index (PPI) for March came in at 0.2% on a monthly basis, below expectations, increasing the sentiment for risk assets.
What’s Happening on the Bitcoin Front?
This situation partially offset the previous Consumer Price Index (CPI) overshoot, presenting a mixed picture of inflationary forces. However, markets were generally expecting to wait longer than previously thought for the Federal Reserve to lower interest rates. Keith Allen, co-founder of trading source Material Indicators, wrote in part of his response via X that markets had a longer-term expectation of high:
“After yesterday’s inflation data, I’m frankly not sure how important today’s reports are.”
Allen and other analysts are focusing on more significant future focal points such as the upcoming block subsidy halving and current Bitcoin price structures:
“The bullish case for Bitcoin is forming around a series of higher lows. The bearish case is shaping up around the bulls’ inability to confirm a R/S flip at the trend line, at $69,000, or the 21-Day Moving Average.”
Allen added that the $69,000 level continues to be the most critical level to watch. Accompanying these statements was a video showing a graph of order book liquidity for the BTC/USDT pair on the world’s largest exchange, Binance. The graph indicated sellers waiting at the $73,000 level and bid support strengthening around $67,000.
Analysts Comment on Bitcoin
Meanwhile, market observers have drawn an optimistic outlook from the exchange landscape despite funding rates remaining low amid recent price increases. Philip Swift, co-founder of data analytics platform Look Into Bitcoin, shared his thoughts on the matter:
Bitcoin funding rates are looking healthy for the first time since the price rose above $70,000. The volatile consolidation was necessary to clear short positions in Bitcoin’s futures market. A sign of encouragement for the bulls.”
Popular investor Daan Crypto Trades suggested that investors are now hesitant to drive up the Bitcoin price due to consecutive rejections near all-time high levels:
“Breaking and holding above the $71,500 level is crucial. Then, new all-time highs should be just a matter of time.”
