Bitcoin stays flat at $26K after PPL data as markets await Fed’s Powell

Magazine: Tornado Cash 2.0: The race to develop safe and legal coin mixersThis post does not include investment guidance or recommendations. Every financial investment and trading relocation involves danger, and readers ought to perform their own research when deciding.

Bitcoin (BTC) stuck to $26,000 on June 14 as fresh United States macroeconomic information prints stopped working to move cryptocurrency markets.BTC/ USD 1-hour candle light chart on Bitstamp. Source: TradingViewPPI uses Bitcoin bulls little fuelData from Cointelegraph Markets Pro and TradingView revealed BTC/USD remaining stubborn as Producer Price Index (PPI) data showed U.S. inflation continuing to slow.US PPI just can be found in: -0.3% vs 0.2% previously-0.1% was predictedJust like the other day, was lower than the forecasts, advancing the probability of a time out at tomorrows #FOMC meeting. https://t.co/SymSTWwHSS— Decentrader (@decentrader) June 14, 2023

Source: TradingViewPPI provides Bitcoin bulls little fuelData from Cointelegraph Markets Pro and TradingView showed BTC/USD staying stubborn as Producer Price Index (PPI) data revealed U.S. inflation continuing to slow.US PPI simply came in: -0.3% vs 0.2% previously-0.1% was predictedJust like the other day, was lower than the forecasts, advancing the likelihood of a pause at tomorrows #FOMC meeting. The latest data from CME Groups FedWatch Tool continued to fall in line with the projection, showing 92% chances of a rate walking pause at the time of writing.Fed target rate likelihoods chart. #BTC has just backtracked -19% since its mid-April local topWith all the unfavorable catalysts and FUD, one wouldve instinctively felt that the retrace was so much deeper than that$ BTC #Crypto #bitcoin– Rekt Capital (@rektcapital) June 14, 2023

In line with its reaction to the Consumer Price Index (CPI) print the day prior, the set stopped working to use traders volatility, adhering to a familiar variety in between various moving averages.Market analysts hence turned to the days upcoming Federal Reserve decision on interest rates, in addition to subsequent comments from Chair Jerome Powell, for a source of inspiration.Big Day! 8:30 am ET PPI Data need to set off some volatility. #TradFi and #Crypto markets desire to see PPI trending down, however the BIG story of the day is the 2pm FED Decision and longer range rate of interest projections.Regardless of the 2pm Decision, #JPows comments at 2:30 pm … pic.twitter.com/osrjCiAgcr— Material Indicators (@MI_Algos) June 14, 2023

The most current information from CME Groups FedWatch Tool continued to fall in line with the projection, showing 92% chances of a rate walking time out at the time of writing.Fed target rate probabilities chart. Source: CME GroupBeyond the rate decision, U.S. dollar strength formed a subject of argument amongst Bitcoin analysts, with Crypto Ed considering a possible bounce from assistance that might trigger issues for BTC/USD. #BTC has actually only backtracked -19% given that its mid-April regional topWith all the unfavorable catalysts and FUD, one wouldve instinctively felt that the retrace was so much deeper than that$ BTC #Crypto #bitcoin– Rekt Capital (@rektcapital) June 14, 2023

Fellow trader Moustache also adopted a favorable take on the existing circumstance, arguing that on longer timeframes, recent occasions had left BTC cost action little bit altered. #Bitcoin – UpdateToday FOMC takes place and $BTC still looks like this.- In a Falling Wedge for 2.5 months- Above the EMA 21 (booming market line) pic.twitter.com/dWjLbJ3VMZ— ⓗ (@el_crypto_prof) June 14, 2023

Other Questions People Ask

What does it mean that Bitcoin stays flat at $26K after PPL data?

The flat performance of Bitcoin at $26,000 indicates a lack of significant market movement following the release of the Producer Price Index (PPI) data. Despite expectations for volatility, the PPI data showed a decrease in U.S. inflation, which typically could influence Bitcoin's price. However, traders are currently awaiting further insights from the Federal Reserve's upcoming decisions and comments from Chair Jerome Powell, which may provide more direction for the market.

How does the PPI data impact Bitcoin stays flat at $26K?

The recent PPI data, which showed a decline in inflation, has not provided the expected momentum for Bitcoin, resulting in its flat performance at $26K. Analysts noted that the PPI came in lower than forecasts, which usually would bolster bullish sentiment. However, with traders focusing on the Federal Reserve's interest rate decisions, the immediate impact on Bitcoin has been muted as the market awaits clearer signals.

Why are markets awaiting Fed’s Powell after Bitcoin stays flat at $26K?

Markets are closely monitoring Fed Chair Jerome Powell's upcoming comments because they could significantly influence investor sentiment and market direction. With Bitcoin remaining flat at $26K, traders are looking for any hints regarding future interest rate changes that could affect liquidity and risk appetite in the cryptocurrency market. Powell's statements may either reinforce or challenge current market expectations, leading to potential volatility in Bitcoin's price.

What are analysts saying about Bitcoin staying flat at $26K?

Analysts have expressed mixed views on Bitcoin's flat performance at $26K, with some suggesting that it reflects a consolidation phase amid uncertain macroeconomic conditions. The lack of volatility following the PPI data indicates that traders are hesitant to make significant moves until they receive more clarity from the Federal Reserve. Some analysts remain optimistic, noting that Bitcoin's price action has not changed drastically over longer timeframes despite recent fluctuations.

What factors contribute to Bitcoin staying flat at $26K after PPL data?

Several factors contribute to Bitcoin's flat performance at $26K, including the recent PPI data indicating slowing inflation and the anticipation of the Federal Reserve's interest rate decision. The market is currently in a wait-and-see mode, with traders reluctant to make large bets until they have more information. Additionally, the strength of the U.S. dollar and broader economic indicators are also playing a role in shaping market sentiment around Bitcoin.