PPI Data Sparks Selling Pressure on Bitcoin
The Producer Price Index (PPI) data released in the US showed an acceleration on an annual basis, increasing the likelihood of a Fed interest rate hike in September.
This sparked selling pressure on Bitcoin, which fell to $76,000. Analyst Garrett Jin notes that this is just part of the current consolidation phase and that breaking above $82,500 is not enough for the upward trend to continue.
Jin believes that for an upward move, Bitcoin needs to maintain its position above $82,500 and see stronger buying from the spot market. If this happens, he predicts a target range of $83,000-$86,000, with this area serving as significant resistance and selling zone.
Jin also warns that the initial phase of the rise might be slow and difficult due to previous selling pressure in this region.