Bitcoin price holds steady following surprising US PPI uptick, eyes on upcoming CPI data

exchange68September 12, 2024

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Quick Take

Bitcoin is currently treading water around the $27,000 mark, reflecting a modest 1% decrease following the release of a higher-than-anticipated U.S. Producer Price Index (PPI) year-on-year (YOY) result of 2.2%, notably exceeding the consensus prediction of 1.6%.

With an imminent Consumer Price Index (CPI) report on the horizon, the digital currency market teeters on the brink, highlighting the intricate correlation between major economic indicators and the volatile cryptocurrency markets.

As the industry awaits the release of the CPI data, the impact on Bitcoin’s market position will be a telling indicator of the cryptocurrency’s resilience in the face of economic fluctuations.

PPI Data US: (Source: Trading Economics)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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