PPI Data Shifts Rate Expectations
US Producer Price Index came in hotter. Annual PPI accelerated. That raises the chance of a Fed rate hike in September. Before the release, FedWatch Tool showed 62.2% odds. After the release, it moved to 70%. Bitcoin felt the selling pressure. It dropped to $76,000. Tomorrow’s CPI data may add more tension.
Garrett Jin Maps Bitcoin’s Path
Chinese crypto whale Garrett Jin says Bitcoin’s consolidation is far from over. Bitcoin touched $82,300 but failed to hold. For him, that means the market has not entered a strong uptrend. A key level is $82,500. But a simple break above it is not enough. Price must stay above that level and spot buying must strengthen. If that happens, the next target is $83,000 to $86,000. That area likely acts as resistance and a selling zone. The first part of any rise could be slow and difficult. Sellers have built up there before.
Downside Levels and Cycle Bottom View
On the downside, Jin points to $76,000 to $77,000 as the first support zone. If there is no breakout higher, BTC could fall back there. A strong break lower opens $74,000 to $75,000. After that, $72,000 to $72,500 is a more important demand zone. Jin also says he sees about a 70% chance that $60,000 was the bottom of this cycle.
Killa Sees Limited Pullback Risk
Analyst Killa has a different read. Even if a correction comes, Bitcoin may only fall below $70,000 briefly. He notes BTC rose 27% after two months of sideways trading near its lows. Still, the market has not fully gained confidence that a bull market has begun. The current price action looks like Bitcoin’s bottom-forming process in 2022. Any pullback may be limited. A similar gap existed in late 2022, and buying returned quickly once it filled. The gap around $70,000 now does not have to be filled completely. A brief test of $70,000 is possible, but not necessary. If $73,000 to $75,000 holds, Bitcoin could rise again toward $85,000. In a worst-case scenario, capitulation above $69,000 is still possible. This is not investment advice.
