Cryptocurrency Bitcoin, the largest coin of the universe, continued to rise despite the above-expected PPI (Producer Price Index) data from the USA at noon today. BTC crossed the psychological limit of $25,000 during the day and reached the highest level in the last 6 months.
The US Producer Price Index, one of the critical data on the future of inflation, was announced at 16.30 Turkish time. While the monthly increase in producer prices was recorded as 0.7%, the annual PPI was realized as 6%, well above the 5.4% expectation.
The higher-than-expected PPI raises the possibility that interest rate hikes will continue for a longer period of time, as it indicates the continuation of inflation pressure in the future. Despite this negative situation, Bitcoin within hours $25,000 The fact that it exceeded the level officially stunned the investors.
At the opening of the day (03.00), BTC exceeded the resistance of $ 24,300, which it has not been able to pass for months. With the PPI data, this level was retested and Bitcoin instantly blinked at $25,250.
bitcoinAccording to the 4-hour chart, he may set his sights on $28,000 if the new support level persists above $24,300.
$28,000 acted as a critical support in May 2022.
$BTC It is currently trading at $24,950.
Shorters in Big Loss!
The recent bullish action has cornered shorts, according to Coinglass, which tracks the leveraged market of crypto exchanges.
According to the data, investors who traded in the leveraged demand market in the last 24 hours $234 million it disappeared.
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