Bitcoin bulls get no help from latest macroeconomic data

Today I read an article by one of my favorite cointelegraph columnists William Suberg, where he addresses a very didactic topic to understand what has been happening with the Bitcoin price action in recent weeks correlating falling US PPI and the current bullish BTC projection.

In Suberg's words, "Bitcoin held at USD 52,000 at the Wall Street open on February 16 as the latest US macroeconomic data beat expectations."

On the other hand, "After closely following the release of the Consumer Price Index (CPI) two days earlier, the January Producer Price Index (PPI) data added to inflation concerns in the U.S."

In this regard and according to data from CME Group's FedWatch tool, the odds of the Fed cutting interest rates at its March meeting were 8.5% at the time of writing, less than half the 17.5% at the start of the week.

In closing and according to Venturefounder (contributor to on-chain analytics platform CryptoQuant) suggested that a slowdown in ETF interest could leave bitcoin susceptible to a major retracement. "The stabilization/normalization of net inflows to the bitcoin ETF is where the next 20-30% correction will begin."


Cointelegraph. Bitcoin price holds $52K even as Fed rate cut odds drop. Link


The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph