Bitcoin BTC/USD on Wednesday briefly touched $114,000 following cooler-than-expected PPI data, prompting speculation about whether this rally can extend.
What Happened: Prominent analyst Kevin highlighted in an exclusive Patreon post that with PPI, CPI, and the FOMC meeting on the horizon, the focus should remain on key levels across short and long-time frames rather than overanalyzing charts.
Bitcoin’s major support lies at $110,600, $107,500-$106,800, and $104,000-$100,000, with resistance at $112,775, $113.700-$114,600, $116,000, and $118,300.
The expectation is that BTC will likely trade between $106,800-$118,300 unless CPI or FOMC surprises significantly.
If inflation is in line or cooler and the Fed remains dovish, markets could get the runway for a bullish move led by altcoins.
On higher time frames, altcoins appear poised for a rally, but a proper market-wide upside requires BTC breaking $120,000-$125,000 and Ethereum ETH/USD surpassing its all-time high.
Kevin’s portfolio strategies reflect caution, including profit-taking and risk-managed positions, until these levels are broken.
PPI came in cooler than expected, setting a positive tone. The analyst says the upcoming CPI will be a more significant data point shaping the near-term market trajectory.
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Why It Matters: TPPI data came in cold with a 0.1% month-over-month drop vs. expected growth of 0.3%.
Annual change stands at 2.6% year-over-year compared to 3.3% forecasted.
Daan Crypto Trades noted BTC cleared liquidity above $114,000 after the PPI release and warned that CPI tomorrow will likely trigger another volatility spike.
Coinglass data shows Bitcoin liquidations in the past 24 hours stood at $37.95 million, with short liquidations of $34.96 million as traders were forced to close their short positions amidst the sudden price spike.
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