Core

Bitcoin

when

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) edged toward $61,500 into the Oct. 11 Wall Street open as crypto ignored a fresh United States inflation curveball.
<figure>
 <img alt="Bitcoin Price, Markets, Market Analysis" src="https://s3.cointelegraph.com/uploads/2024-10/01927bbf-1752-74ec-a632-6f72e7092ce3" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="bitcoin-avoids-fresh-dive-as-ppi-adds-to-inflation-woes">Bitcoin avoids fresh dive as PPI adds to inflation woes</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="" target="_self" text="null" title="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> showed new local highs of $61,476 on Bitstamp.
The latest US macro data print in the form of the Producer Price Index (PPI) exceeded estimates across the board, coming in at 1.8% versus the expected 1.6%.
“The index for final demand less foods, energy, and trade services inched up 0.1 percent in September after rising 0.2 percent in August,” an official <a data-ct-non-breakable="null" href="https://www.bls.gov/news.release/ppi.nr0.htm" rel="null" target="null" text="null" title="null">press release</a> from the Bureau of Labor Statistics (BLS) stated.
<blockquote>
 “For the 12 months ended in September, prices for final demand less foods, energy, and trade services increased 3.2 percent.”
</blockquote>
<figure>
 <img alt="Bitcoin surfs US PPI overshoot as BTC price recovers from sub-$59K dip" src="https://s3.cointelegraph.com/uploads/2024-10/01927bb8-16c2-7e0f-b3da-8f5530a6e4df" title="">
 <figcaption style="text-align: center;">
 US PPI 1-month % change. Source: BLS
 </figcaption>
</figure>
Thus, the PPI joined the Consumer Price Index (CPI) in signaling an&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-fed-nightmare-cpi-jobs-data-60k" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-fed-nightmare-cpi-jobs-data-60k">increase in inflationary pressures</a>, the latter already posing a “nightmare” for the Federal Reserve.
Reacting, trading resource The Kobeissi Letter leveraged the results to argue that the Fed’s 0.5% interest rate cut last month was unnecessary.
“Both Core PPI and CPI inflation are now officially back on the rise,” it wrote on X.&nbsp;
<blockquote>
 “The Fed did not need a 50 basis point rate cut.”
</blockquote>
Having gained thanks to the Fed’s move, crypto and risk-assets began to diverge this week, with stocks headed higher, while Bitcoin and altcoins saw selling pressure.
The PPI print had a modest impact on market expectations for the Fed’s next rate move in November. According to CME Group’s <a data-ct-non-breakable="null" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="null" target="null" text="null" title="null">FedWatch Tool</a>, the odds of a smaller 0.25% cut stood at nearly 84% on the day, with a roughly 17% chance of rates staying at current levels.
<figure>
 <img alt="Bitcoin surfs US PPI overshoot as BTC price recovers from sub-$59K dip" src="https://s3.cointelegraph.com/uploads/2024-10/01927bb8-b953-737f-b8e0-19b3dee78b6b" title="">
 <figcaption style="text-align: center;">
 Fed target rate probabilities. Source: CME Group
 </figcaption>
</figure>
<h2 id="traders-state-key-btc-price-levels-to-watch">Traders state key BTC price levels to watch</h2>
Monitoring BTC price action, market observers saw the potential for a retest of resistance higher up the chart.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/btc-price-gains-bitcoin-whales-buy-1-5-m-btc-analysis" rel="" target="_self" text="null" title="https://cointelegraph.com/news/btc-price-gains-bitcoin-whales-buy-1-5-m-btc-analysis">BTC price gains 'on horizon' as Bitcoin whales buy 1.5M BTC — Analysis</a>
“Bitcoin reclaimed $60,600/800 overnight,” analyst Justin Bennett <a data-ct-non-breakable="null" href="https://x.com/JustinBennettFX/status/1844714180575650301" rel="null" target="null" text="null" title="null">wrote</a> in part of his latest X analysis, referencing the recovery from $58,860 lows.
<blockquote>
 “I never trust an Asia session pump, but if this holds, we could get that $62k retest.”
</blockquote>
<figure>
 <img alt="Bitcoin surfs US PPI overshoot as BTC price recovers from sub-$59K dip" src="https://s3.cointelegraph.com/uploads/2024-10/01927bb9-54e4-74e6-abba-9d23035239b2" title="">
 <figcaption style="text-align: center;">
 BTC/USDT perpetual contract 4-hour chart. Source: Justin Bennett/X
 </figcaption>
</figure>
Popular trader Roman <a data-ct-non-breakable="null" href="https://x.com/Roman_Trading/status/1844698500400845213" rel="null" target="null" text="null" title="null">spied</a> a marked divergence while hoping for a revisit of $65,000 next.
Fellow trader Anbessa, meanwhile, identified two key levels above and below the spot price to watch on short timeframes.
“$63,9k reclaim and s/r flip will lead to a continuation breakout short-term,” he <a data-ct-non-breakable="null" href="https://x.com/Anbessa100/status/1844693080340848941" rel="null" target="null" text="null" title="null">told</a> X followers.
<blockquote>
 “- $60,2k breakdown could give us another dip (imo final volatile dip).”
</blockquote>
<figure>
 <img alt="Bitcoin surfs US PPI overshoot as BTC price recovers from sub-$59K dip" src="https://s3.cointelegraph.com/uploads/2024-10/01927bba-148e-7f5c-a5c2-8ccd12fff71c" title="">
 <figcaption style="text-align: center;">
 BTC/USD 8-hour chart. Source: Anbessa/X
 </figcaption>
</figure>
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.

Bitcoin surfs US PPI overshoot as BTC price recovers from sub-$59K dip

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