As of Tuesday (August 13, 2024) at 08:00 WIB, Bitcoin (BTC) is trading at approximately $59,800 after recently testing a support level near $57,000 on Monday (August 12, 2024). This week, Bitcoin is struggling to stay above $59,000 while aiming to retest the MA-50 around $61,750. However, if it faces rejection at the $60,000 resistance area, BTC could potentially decline back towards the $57,000 support level. The upcoming inflation data could be a critical factor in determining Bitcoin’s direction, according to Panji.
This week, the cryptocurrency market is expected to be significantly influenced by several key economic data releases, including the inflation data. On Tuesday (August 13, 2024), the Producer Price Index (PPI) report for July will be released. This report reflects the prices that producers and manufacturers pay for goods and services, measuring production costs which directly impact retail prices and serve as a crucial indicator of inflation data.
The monthly PPI for July is forecasted to be 0.2% MoM, unchanged from June. On a yearly basis, the PPI for July is expected to be 2.30% YoY, lower compared to the previous period’s 2.60% YoY, providing an initial glimpse into the upcoming inflation data.
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