Bitcoin price slips from $58K as US PPI, jobless claims surprise

Bitcoin (BTC) saw volatility into the Sept. 12 Wall Street open as fresh United States macro data offered mixed signals on inflation.

Fed rate cut bets preserved despite mixed data

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD heading below $58,000, still modestly up on the day.

At 0.3%, the August print of the US Producer Price Index (PPI) showed a month-on-month increase slightly beyond expectations, while its year-on-year equivalent was lower than anticipated at 2.4%.

“We saw a similar theme in CPI inflation with annual and monthly inflation painting different pictures,” trading resource The Kobeissi Letter wrote in part of ongoing responses on X.

More attention focused on unemployment numbers, however, which also came in hot at 230,750 versus the expected 227,000.

Kobeissi maintained that the Federal Reserve would still opt for a modest 0.25% interest rate cut at its upcoming meeting on Sept. 18.

Data from CME Group’s FedWatch Tool agreed, showing markets pricing in 85% odds of a 0.25% cut.

Continuing, trader, analyst and entrepreneur Michaël van de Poppe noted that the European Central Bank (ECB) had frontrun the Fed in delivering its own rate reduction.

“Monthly data points are worse than expected, but overall the PPI is lower than anticipated,” he summarized, telling X followers that there were “Good things lining up for Bitcoin.”

Bitcoin traders stay cautious on BTC price optimism

Bitcoin itself looked for direction after the prior day’s US trading session produced erratic BTC price moves.

Related: Is crypto entering a bear market? — 5 Things to know in Bitcoin this week

An initial drop soon reversed as BTC/USD copied a rise in tech stocks to finish the day above $57,300.

Discussing market composition across both spot and derivatives, popular trader Skew suggested that overhead resistance around $60,000 was unlikely to dissipate.

“Market doesn’t seem that optimistic here but it does make sense with resistance overhang and supply above,” part of his latest analysis post on X explained.

“Will take a lot more to convince market buyers to push here.”

Data from monitoring resource CoinGlass showed nearby ask liquidity strengthening at $58,500, keeping spot price pinned below.

Covering multiple timeframes, meanwhile, Bitcoin statistician Willy Woo pointed to more indecisive market conditions going forward. Woo referenced his own proprietary indicator signals.

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.