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

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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