Bitcoin

Rekt

Bitcoin&nbsp;tagged $58,000 around the July 12 Wall Street open as markets reacted to “sticky” United States inflation data.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/60cf460e-6fc7-4aa8-951d-a21cb323fa50.png" alt="Key BTC price levels emerge as Bitcoin hits $58K on ‘sticky’ US PPI" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="bitcoin-joins-stocks-in-positive-ppi-reaction">Bitcoin joins stocks in positive PPI reaction</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;price strength improving as the Producer Price Index (PPI) print for June rose more than forecast.
Year-on-year PPI came in at 2.6% versus 2.3% expected, 0.1% higher than the month prior. 
“On an unadjusted basis, the index for final demand rose 2.6 percent for the 12 months ended in June, the largest advance since moving up 2.7 percent for the 12 months ended March 2023,”&nbsp;an accompanying press release from the US Bureau of Labor Statistics <a href="https://www.bls.gov/news.release/ppi.nr0.htm" target="_blank" rel="noopener nofollow">stated</a>.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/4caa208a-5d1d-4e57-ba71-b6c62ada00e5.png" alt="Key BTC price levels emerge as Bitcoin hits $58K on ‘sticky’ US PPI" title="">
 <figcaption style="text-align: center;">
 US PPI 12-month % change. Source: Bureau of Labor Statistics
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While the opposite of July 11’s <a href="https://cointelegraph.com/news/bitcoin-price-cpi-gains-last-1-hour-mt-gox-sell-off-fears">Consumer Price Index (CPI) numbers</a>, BTC/USD avoided a downturn on the PPI release, modestly gaining in line with US stocks while dollar strength tumbled.
“So overall PPI is sticky on YoY basis if not higher due to higher prices &amp; lack of supply,” popular trader Skew <a href="https://x.com/52kskew/status/1811747289159074219/photo/1" target="_blank" rel="noopener nofollow">wrote</a> in part of a response on X (formerly Twitter).
<blockquote data-ct-non-breakable="true">
 “Increasing energy, food and trade services prices is not a great look.”
</blockquote>
Skew noted that barring energy, food and trade services, the index was “basically flat” and less of a surprise to markets.&nbsp;
“Initial reaction was DXY &amp; Yields up before lower, this tells me the market is transitioning into expecting a harsh reality when demand continues to buckle,” he concluded.
<blockquote data-ct-non-breakable="true">
 “NQ &amp; ES likely recovering here with hedges coming off. End of day performance will be important.”
</blockquote>
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/9f70ee9c-19f8-4be0-bac3-ebfc09229827.png" alt="Key BTC price levels emerge as Bitcoin hits $58K on ‘sticky’ US PPI" title="">
 <figcaption style="text-align: center;">
 US Dollar Index (DXY) 1-day chart. Source: TradingView
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The US Dollar Index (DXY) was down 0.35% on July 12 at the time of writing, headed toward its lowest levels in over a month.
Continuing, Skew described the spot order book on Binance, the largest global exchange, as “pretty healthy.”
“Although orderbooks are skew to bid, need to see this translate into market flows being bid,” he <a href="https://x.com/52kskew/status/1811757872939958284" target="_blank" rel="noopener nofollow">commented</a> alongside a chart showing liquidity areas.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/0a9a88d6-d69c-4879-89f1-4e4f7a0968e5.png" alt="Key BTC price levels emerge as Bitcoin hits $58K on ‘sticky’ US PPI" title="">
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 BTC/USDT order book data for Binance. Source: Skew/X
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<h2 data-ct-non-breakable="true" id="analyst-demands-higher-btc-price-daily-close">Analyst demands higher BTC price daily close</h2>
Others also demanded a stronger statement from BTC/USD to entertain the idea of a longer-term recovery.
Related: <a href="https://cointelegraph.com/news/buying-the-dip-bitcoin-institutional-investors-add-100k-btc-week">Buying the dip? Bitcoin institutional investors add 100K BTC in a week</a>
Popular trader Rekt Capital highlighted $58,350 as the required minimum for the daily close.
“There’s the rebound Bitcoin needed and price is now challenging that Lower High resistance again,” he <a href="https://x.com/rektcapital/status/1811763851752357995" target="_blank" rel="noopener nofollow">told</a> X followers about the PPI reaction alongside an explanatory chart.
<blockquote>
 “Bitcoin needs to Daily Close above $58350 (black) to break the Lower High and more importantly - position itself for a rally to $60600 (blue).”
</blockquote>
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/38c87627-f0f0-4bd5-aa0f-01c6239c372d.png" alt="Key BTC price levels emerge as Bitcoin hits $58K on ‘sticky’ US PPI" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: Rekt Capital/X
 </figcaption>
</figure>
Rekt Capital <a href="https://cointelegraph.com/news/bitcoin-sellers-keep-btc-price-below-60k">reiterated earlier coverage</a><a href="https://cointelegraph.com/news/bitcoin-sellers-keep-btc-price-below-60k"></a> of BTC/USD attempting to break through a downward trendline — something met with rejection throughout recent days.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/a9d61103-7cf8-47c1-a502-0011f8a96157.png" alt="Key BTC price levels emerge as Bitcoin hits $58K on ‘sticky’ US PPI" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: Rekt Capital/X
 </figcaption>
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Key BTC price levels emerge as Bitcoin hits $58K on ‘sticky’ US PPI

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