Bitcoin Price Ignores PPI Overshoot to Hit $97,000

Bitcoin (BTC) reached $97,000 during Wednesday's Wall Street open, showing resilience despite the November Producer Price Index (PPI) and core PPI coming in higher than anticipated at 3.0% versus the expected 2.7%. This higher inflation typically suggests stricter Federal Reserve policy and reduced liquidity for risk assets, yet crypto bulls remained unfazed, as markets had already priced in a pause on rate changes for the January FOMC meeting. Furthermore, the Supreme Court did not issue a ruling on potential US trade tariffs that day. Analyst Rekt Capital noted that for Bitcoin to sustain its rally and potentially repeat historical bull runs, it must successfully hold the $93,500 level as new weekly support.

(Source：Cointelegraph)