Bitcoin sinks 4% to $20,400 as US producer prices show inflation easing

Bitcoin fell 4%, bottoming at$20,400 following news of the U.S. Producer Price Index( PPI)coming in much better than expected.December 2022’s PPI

came in at 6.2%year-over-year (YoY, )less than the anticipated 6.8%rate. The information indicated an easing of inflationary pressure, offering scope for the Fed to slow its existing rate of rate of interest hikes.The PPI determines changes in the rates paid by producers and is often taken as an indicator of upcoming customer rate data.Bitcoin tanks On the release of PPI data, Bitcoin initially moved higher, reaching$21,650 by 14:15 UTC.However, an hour later on, the leading cryptocurrency suffered a sharp sell-off that found assistance at$20,400. A strong bounce followed, topping out at$21,140.

Source: BTCUSDT on TradingView.com Published In: Bitcoin, U.S., Featured, Macro Latest Report Second week of 2023, and it’s off to the races for Bitcoin Breaking through resistance: Understand the aspects driving Bitcoin’s rise past$21,000 in our latest