Bitcoin price rally to $115K possible as US economic data exceeds expectations

3 days ago

Key takeaways:

Bitcoin capitalist sentiment hits a 7-month high, with a bullish pennant forecasting a rally to $115,000.
Today’s CPI people and the accidental for a lower-than-expected PPI connected June 12 could thrust BTC terms higher.

Bitcoin (BTC) terms concisely rallied supra $110,000 connected Wednesday aft US Consumer Price Index (CPI) information came successful cooler than expected astatine 2.4% year-over-year (forecast: 2.5%). Core CPI besides bushed estimates astatine 2.8% (forecast: 2.9%). The US Dollar Index (DXY) plummeted to 98.5, a multimonth low, with markets swiftly adjusting to the Federal Reserve’s involvement complaint expectations.

However, the likelihood of a Federal Reserve involvement complaint chopped adjacent week stay debased arsenic header CPI is rising again for the archetypal clip since January 2025.

The wide marketplace sentiment astir Bitcoin is bullish, and a cooler CPI people could perchance propulsion prices to caller highs supra $115,000 this week. A terms rally mightiness hap connected June 12, aft the US Producer Price Index (PPI) information is released. The US PPI is expected to emergence by 0.2% month-over-month, with the halfway PPI astatine 0.3%.

A lower-than-expected people could amplify Bitcoin’s rally by reinforcing dovish Fed expectations implicit the 2nd fractional of 2025. A higher-than-expected PPI oregon a astonishment macroeconomic improvement could pb to pullbacks.

Cointelegraph besides reported that Bitcoin is closing successful connected a caller high, buoyed by renewed optimism implicit a US-China commercialized woody announced by US President Donald Trump.

The statement is expected to trim macroeconomic threats that dragged BTC prices to a year-to-date debased of $74,500 successful April aft Trump’s tariff announcements. This deal, described arsenic “done” pending last approval, has sparked a risk-on mood, with BTC consolidating nether $110,000.

Bitcoin sentiment hits 7-month high

According to information analytics level Santiment, BTC’s bullish sentiment reached a seven-month high, arsenic affirmative societal media comments, tracked crossed X and Reddit, person doubled antagonistic ones since Trump’s predetermination triumph successful November 2024.

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The bullish sentiment is besides reflected successful BTC’s debased backing complaint astatine an all-time precocious terms range. Crypto Trader Jacob Canfield stated,

“I honestly don't retrieve a clip wherever I've seen prices going up this overmuch and backing rates being wholly flat. This usually means that the underlying rallies are mostly spot driven. Not definite however we're going to spot large merchantability offs without precocious leverage successful the market. Most apt this means higher.”

From a method standpoint, Bitcoin is forming a bullish pennant connected the 1-hour chart, signaling imaginable bullish continuation. The comparative spot scale (RSI) is resetting adjacent the 50 level, indicating a steadfast cooldown wrong a higher consolidation range. Immediate absorption lies astatine $110,000, but a liquidity expanse astir $108,000 could hap first, clearing precocious agelong orders and absorbing sell-side liquidity to substance further upside.

The pennant’s measured determination projects a bullish people of $115,000, aligning with the precocious trendline extension. Additional terms enactment lies astatine $106,748, with a interruption beneath risking a driblet to $104,900. A swift betterment from this driblet could heighten BTC’s upside potential, but BTC indispensable support a bullish adjacent connected the higher clip chart.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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