Core PPI Meets Forecast

Core PPI Meets Forecast – BTC Retracts Below Slightly Below the $26k Before Bouncing

Updated: 14 June 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Core PPI details have come out. It remains the same as May 2023 at 0.2%, resulting in a momentary Bitcoin decline below the $26k mark, but the minute chart shows that the struggle to cross that threshold is still ongoing.

Core PPI has just been announced. It has met the forecast of 0.2%. Because its action has been slightly predictable, it has had a minimal impact on the Bitcoin price chart.

This expected result came shortly before the Fed Rate announcement. The accumulation pattern forming on the price chart shows that the community is waiting on the Fed rate announcement.

Minute Chart Shows Bitcoin Growing Past $26 Mark

Minutes before the announcement of CP PPI, BTC is seen forming consecutive green candles to grow past the $26k mark. The chart shows a 0.13% increase within a span of six minutes. However, shortly after the Core PPI announcement, BTC formed a massive red at $25,967 before bouncing.

BTC Bounce Goes Into Sideways Trending

The BTC bounce soon created an accumulation range around the $26k mark. As we write this article, traders are active, and there is a push and pull going on between bulls and bears.

Bitcoin 1-Minute Chart

Small Impact Overall

Core PPI showed us a predictable trend. and the market behaved as intended.There was little action minute by minute and no large spikes, nor are any expected.

Community reactions have been lukewarm with little coverage on Twitter. Currently, all eyes are now on the FOMC meeting that will show us where the Fed rate goes. Keep an eye on the CME FedWatch Tool for more information.

Bitcoin’s Daily Performance Still Remains Bearish

After inching closer to the $29k mark at the end of May 2023, Bitcoin has turned red and is now trading in bearish zones. In the past 13 days, Bitcoin’s value has dropped by 10%. And there are not many strong bulls in the market to bounce it back past its $27k mark.

While there was a momentary bounce that pushed the BTC price up by 7.87%, it turned out to be a knee-jerk reaction as a massive red candle that formed the very next day pushed the value of BTC down again to the $26k level.

As of right now, however, Bitcoin is trading just slightly above the $26k mark, but the push and pull between bulls and bears is still placing it inside the accumulation range.

FOMC Rumors – Federal Reserve Likely to Hold Interest Rate

The Federal Open Market Committee (FOMC) will announce its decision on the Fed Rate on June 14. The community is expecting that Fed Chairman Jerome Powell will pause the aggressive rate hike and keep the rate within the 5-5.25% range.

Bitcoin Alternatives

Bitcoin undoubtedly remains the frontrunner in the realm of cryptocurrency investments. However, its high value and correspondingly high entry point may not be accessible for many potential investors. This situation has highlighted the appeal of low-cap cryptocurrencies, which present greater market upside potential and are becoming increasingly enticing investment alternatives. As a result, crypto presales have experienced a surge in interest this year.

Crypto presales offer investors the opportunity to buy into a cryptocurrency before it hits the open market. This early bird approach allows for potentially significant returns if the cryptocurrency performs well post-launch. As the investment world continues to embrace the digital age, the focus is increasingly shifting towards these affordable and high-reward alternatives, making crypto presales a trend to watch in the coming years.

Tokens like Wall Street Memes are tapping into the community aspect, and utility tokens like DeeLance are bringing real utility to the blockchain space.