Bitcoin holds $82K as US dollar falls to 3-year low and PPI inflation drops sharply.
Developing bull market signals could continue to boost Bitcoin prices despite the tense atmosphere of the US trade war.
Bitcoin
$82,821
sought higher levels around the April 11 Wall Street open as the week’s final US inflation data gave bulls hope.
Analyst: PPI undershoot “great” for US trade war
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching highs of $83,245 as US Producer Price Index (PPI) data came in below expectations.
The Index came in at 2.7% versus the anticipated 3.3%, while the core PPI print also surprised to the downside.
An official news release from the US Bureau of Labor Statistics (BLS) added:
“In March, over 70 percent of the decrease in the index for final demand can be traced to prices for final demand goods, which fell 0.9 percent. The index for final demand services declined 0.2 percent.”
Reacting, trading resource The Kobeissi Letter was among those noting the rapid pace at which US inflation appeared to be slowing.
“We just saw the first month-over-month decline in PPI inflation, down -0.4%, since March 2024,” it told followers in part of a post on X.
“Both CPI and PPI inflation are down SHARPLY.”
Risk-asset performance, however, failed to reflect the notionally positive inflation developments. The S&P 500 was 0.2% lower on the day, while the Nasdaq Composite index was flat.
As Cointelegraph reported, after stocks fell precipitously the day prior despite bullish inflation numbers, commentators explained that macro data was helping to fuel the ongoing US trade war.
Continuing, crypto trader, analyst and entrepreneur Michaël van de Poppe saw a repeat playing out post-PPI.
“PPI comes in significantly lower. That's great for Trump and his strategy,” he argued, referring to trade tariffs implemented by US President Donald Trump.
