Crypto: Bitcoin Threatens New Breakdown As Us Ppi Sends Gold To 1-month High

Hotter US PPI inflation data boosted precious metals but punished Bitcoin bulls, with BTC price downside nearing 3% on the day.

Bitcoin (BTC) slid further into Friday’s Wall Street open as US inflation data overshot expectations.

Bitcoin price downside strengthens as US inflation data comes in hot.

Gold and silver benefit from a risk-off response to January PPI data.

Bitcoin price expectations face the prospect of a rocky monthly candle close.

Data from TradingView showed daily BTC price downside nearing 2.5% on Bitstamp, while gold eyed its highest levels since late January.

The January print of the Producer Price Index (PPI) came in markedly above expectations at 0.5% month-on-month versus an anticipated 0.3%, per data from the US Bureau of Labor Statistics (BLS).

Core PPI fared even worse at 0.8% month-on-month instead of 0.3%.

“The January increase in prices for final demand can be traced to a 0.8-percent advance in the index for final demand services. In contrast, prices for final demand goods declined 0.3 percent,” an official statement added.

With US inflation creeping higher more quickly than markets assumed, risk-asset pressure increased, while safe havens outperformed.

Source: CoinTelegraph