Bitcoin retests $17K as PPI release indicates economy slowing down
Bitcoin is currently using today’s producer price index numbers as fuel to retest the resistance at $17,000. The PPI coming out lower than expected indicates that the economy is slowing down.
This reading, along with the previous unemployment numbers and CPI report can be interpreted to mean that a pivot by FED could be on the horizon.
Meanwhile, the S&P 500 has reached 4,030 and seems to be ready for some retracement. However, if it continues its uptrend, 4,300 is the next target. DXY, on the other hand, continues its drop and is currently at 105.8, looking to test 105 for support.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Bitcoin currently sits under \(17,000 as stock markets open green. Looking at momentum indicators, BTC is likely to maintain the current price level and then proceed to push upward, potentially breaking \)17,000, and in the best-case scenario, reclaiming $17,500.
On the flip side, we can see a lower price of \(16,300 before a move-up. If buyers are unable to provide sufficient support at that level, we will most likely go below \)16,000.
Ethereum Technical Analysis
Ethereum saw a 10%+ move yesterday from \(1,170 to \)1293. However, it was unable to break through and fell to \(1,211. Right now, it's setting up for another attempt at breaking resistance and currently sits at \)1,270. Ethereum will have to make higher lows to sustain this move and shouldn’t fall below $1,236 before completing this relief rally.
NFT Market Map
Most of the top NFT collections saw a surge in trading volume today, but no more than 1,000%.
The only exceptions are Art Blocks (+4,506%), 10KTF (+3.676%), and 10KTF Gucci Grail (+1,185%). While the 10KTF family received a boost thanks to the Yuga Labs acquisition announcement, the spike in Art Blocks recognition may have been brought by the Damien Hirst mint.
Coin360 Daily Digest
Here’s a rundown of the major crypto market news from today.
For more daily updates and news, follow us on Twitter.
Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.