While the price of BTC is below $71k, Bitcoin funding rates remain
Bitcoin (BTC) declined to support $70,000 at the April 11 Wall Street open as fresh US macro data boosted sentiment.
Bitcoin rises as US PPI inflation declines.
Data from Cointelegraph Markets Pro and TradingView showed BTC price action, with bulls recovering from the previous day's gains.
The March publication of the producer price index (PPI) showed an increase in risk-asset sentiment, coming in below expectations of 0.2% for the month.
This is partly due to the overshooting of the Consumer Price Index (CPI) of the past, which ultimately reflects a mix of inflationary forces. In general, however, markets were expecting the Federal Reserve to keep interest rates lower than expected.
“After yesterday's fresh inflation data, I'm not sure how important today's reports are. “Markets are baking at ‘peak time,'” Keith Allen, founder of marketing resource Material Indicators, wrote in part in a response to X (formerly Twitter).
Allen and others are focusing on the upcoming halving of block subsidies and a more important focus on current BTC price structures going forward.
“BTC's bullish case is building on a series of high lows. The bear case is focused on bulls failing to confirm and R/S at the transmission line, $69k or the 21-day moving average,” he explained.
Allen added that $69,000 remains a “very critical” level to watch.
The accompanying video covers the liquidation of the BTC/USDT order book on the largest global exchange, Binance. This shows that sellers are anticipating around $73,000 with firming bid support around $67,000.
BTC misses “hesitation” near $71,000.
Market watchers, meanwhile, draw optimism from the landscape on currency exchanges, where liquidity remains low despite a recent rise in inflation.
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“Bitcoin funding rates finally look healthy for the first time,” said Philip Swift, founder of the Statistic Forum.
“Bitcoin needs this shoopy consolidation to clear breakouts trying to go long. An encouraging sign for bulls.”
Prominent trader Diane CryptoTrades has suggested that traders are now “bearish” for long BTC due to a series of declines near highs.
“$71.5K is necessary to break above and hold. Then all those time highs should be a matter of time,” he concluded.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
