{"id":44704,"date":"2025-01-16T11:09:41","date_gmt":"2025-01-16T11:09:41","guid":{"rendered":"https:\/\/crypto-globe.com\/?p=44704"},"modified":"2025-01-16T11:35:47","modified_gmt":"2025-01-16T11:35:47","slug":"bitcoin-is-back-at-97000-usd-important-data-from-the-us-supported-stock-markets","status":"publish","type":"post","link":"https:\/\/crypto-globe.com\/en\/bitcoin-is-back-at-97000-usd-important-data-from-the-us-supported-stock-markets\/","title":{"rendered":"Bitcoin is back at 97,000 USD, important data from the US supported stock markets"},"content":{"rendered":"\n

The bitcoin market is experiencing a positive turnaround thanks to favorable US inflation data, specifically the Producer Price Index (PPI), which showed better-than-expected results.<\/strong> This slight drop in inflation has brought relief to traders of risk assets, leading to a rise in the value of Bitcoin, which has resumed a positive trajectory after Monday’s plunge.<\/strong> While inflation remains high, this turnaround suggests that cryptocurrencies may continue to be an attractive investment during periods of macroeconomic uncertainty.<\/strong><\/p>\n\n\n\n

Bitcoin strengthens on positive PPI data<\/h2>\n\n\n\n

According to data from KMC, bitcoin<\/a> continues its rise, which began a few hours after its value plunged to a two-month low on Monday. It gained more than 2% during the day, and this turnaround was supported by a lower-than-expected US Producer Price Index (PPI) result for December. The PPI pointed to lower-than-expected inflation, which provided some relief to traders and the Federal Reserve, although overall inflation remains a concern.<\/p>\n\n\n\n

“The increase was less than expected, but PPI inflation is now at its highest level since February 2023. This suggests a rebound in inflation,<\/strong> ” a trade source told The Kobeissi Letter<\/a> on Platform X. Kobeissi noted the short-term rise in equities following the release of the data, but cautioned that PPI is just one of many macroeconomic indicators coming out this week. The consumer price index (CPI) is also an important indicator. “On the positive side, the monthly PPI inflation rose just 0.2%, which is less than the expected 0.4%,” the source added.<\/p>\n\n\n\n

Turnaround catches the attention of traders<\/h2>\n\n\n\n

Cryptocurrency <\/a>traders are now weighing the possibility of further gains after the price briefly fell below the USD 90,000 mark for the first time since mid-November. “The market is currently acting cautious, perhaps even fearful,” wrote well-known trader Skew in his analysis on the X platform.<\/p>\n\n\n\n

A Rekt Capital analyst noted the so-called exaggerated bullish divergence in Bitcoin’s relative strength index (RSI). “The closure of the daily candle above the USD<\/a> 91,000 level has been confirmed,” he said. Traders are now watching to see if the current rise will continue or if the market will return to the downside, which could open up buying opportunities.<\/p>\n","protected":false},"excerpt":{"rendered":"

The bitcoin market is experiencing a positive turnaround thanks to favorable US inflation data, specifically the Producer Price Index (PPI), which showed better-than-expected results. This slight drop in inflation has brought relief to traders of risk assets, leading to a rise in the value of Bitcoin, which has resumed a positive trajectory after Monday’s plunge. […]<\/p>\n","protected":false},"author":2,"featured_media":44696,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"yasr_overall_rating":0,"yasr_post_is_review":"","yasr_auto_insert_disabled":"","yasr_review_type":"","footnotes":""},"categories":[162],"tags":[93],"class_list":["post-44704","post","type-post","status-publish","format-standard","has-post-thumbnail","category-crypto","tag-cryptocurrencies"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t