Bitcoin (BTC) stuck to $26,000 on June 14 as fresh United States macroeconomic data prints failed to move cryptocurrency markets.
BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView
PPI offers Bitcoin bulls little fuel
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staying stubborn as Producer Price Index (PPI) data showed U.S. inflation continuing to slow.
US PPI just came in:
-0.3% vs 0.2% previously
-0.1% was predicted
Just like yesterday, was lower than the predictions, furthering the likelihood of a pause at tomorrows #FOMC meeting. https://t.co/SymSTWwHSS
— Decentrader (@decentrader) June 14, 2023
In line with its reaction to the Consumer Price Index (CPI) print the day prior, the pair failed to offer traders volatility, sticking to a familiar range between various moving averages.
Market commentators thus turned to the day’s upcoming Federal Reserve decision on interest rates, as well as subsequent comments from Chair Jerome Powell, for a source of inspiration.
8:30am ET PPI Data should trigger some volatility. #TradFi and #Crypto markets want to see PPI trending down, but the BIG story of the day is the 2pm FED Decision and longer range interest rate projections.
Regardless of the 2pm Decision, #JPow’s comments at 2:30pm… pic.twitter.com/osrjCiAgcr
— Material Indicators (@MI_Algos) June 14, 2023
“Happy hawkish pause day!” financial commentator Tedtalksmacro wrote in part of the day’s analysis.
Tedtalksmacro referenced major U.S. bank projections for the Fed to halt its rate hike cycle in place since late 2021.
The latest data from CME Group’s FedWatch Tool continued to fall in line with the forecast, showing 92% odds of a rate hike pause at the time of writing.
Fed target rate probabilities chart. Source: CME Group
Beyond the rate decision, U.S. dollar strength formed a topic of debate among Bitcoin analysts, with Crypto Ed eyeing a potential bounce from support which could cause problems for BTC/USD.
“DXY reached green box and bouncing a bit,” he commented alongside a chart of the U.S. dollar index (DXY).
“If this means its correction is finished and it…..