Here’s a concise analysis of how **CPI data** and **Jobless Claims** are impacting crypto and traditional markets today, along with key levels to watch:
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### **Latest Economic Data (June 2024)**
1. **CPI Report**:
- **Headline CPI**: +3.3% YoY (vs. 3.4% expected) – *Cooling slightly but still above Fed’s 2% target*.
- **Core CPI (ex-food/energy)**: +3.4% YoY – *Sticky inflation persists*.
- **Market Reaction**: Bitcoin initially dipped to **$66,500** on fears of prolonged high rates, then rebounded to **$67,800** as traders bet on eventual Fed dovishness.
2. **Jobless Claims**:
- **New Claims**: 242K (vs. 225K expected) – *Labor market shows slight softening*.
- **Implication**: Mixed signals – cooling jobs data may ease Fed pressure, but CPI keeps rate cuts unlikely until September.
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### **Bitcoin & Crypto Market Impact**
- **Bitcoin Price Action**:
- **Key Resistance**: $68K (critical breakout level for bullish momentum).
- **Support**: $66K (held strong post-CPI dip).
- **Catalyst Watch**: A break above $68K could target $70K, driven by ETF inflows ($200M+ in past 24 hours).
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