Bitcoin Price Hinges on U.S. Core PPI Reading Amid Bearish Momentum
Bitcoin is currently trading at $63,346, down about 0.3% over the past 24 hours, with an increased volume of 8%. The latest news suggests that the upcoming U.S. Core PPI and initial unemployment claims could influence Bitcoin's price. A softer PPI reading could lead to lower interest rates, benefiting risk assets and potentially pushing BTC above $64,400.
The chart analysis indicates that the $63,000 area remains crucial for Bitcoin, with buyers repeatedly defending it. However, momentum indicators are cautious, suggesting bears have an advantage. To turn bullish, Bitcoin needs to reclaim $64,400 and then break through $65,200, opening up a path towards the $67,000 resistance.
The key levels to watch are $62,700 as support and $64,400 as resistance. If $62,700 breaks, the next target would be $62,000, followed by the July low near $58,000.