Technical Analysis:
BITCOIN is bullish for short term, BTC might retrace towards 59000-60000 zone for once and then you can plan for buying with the MSS on 15min tf and we can target 65000 range.
Fundamentals:
Bitcoin prices BTCUSD peaked above $61,000 early Wednesday as traders were digging the OG token out of a hole that went as deep as $49,000 less than two weeks ago. The comeback was boosted yesterday by an optimistic reading into a key economic report. The producer price index, or PPI, rose 0.1% in July from the prior month, which undershot analysts’ expectations. The PPI measures prices charged by businesses.
The better-than-expected print eased concerns over a stalling economy and — more importantly — brought back the feelgood factor for upcoming cuts to interest rates. Markets are now eyeing not one 25-bps trim to borrowing costs; rather, a jumbo, half-point cut to interest rates is being priced in when the Federal Reserve meets again in mid-September. A lot can happen before that as the news keeps rolling in — consumer inflation data is coming today.
Disclaimer: Trading carries risk. Practice effective risk management and consider your risk tolerance before trading.
