INSUBCONTINENT EXCLUSIVE:
Key points:Bitcoin price targets include taking liquidity at around the $120,000 mark.US PPI inflation cools beyond expectations, providing
relief after the hot CPI print the day prior.BTC/USD avoids a trip to a CME gap below $115,000.Bitcoin (BTC) maintained an overnight rebound
at the Wall Street open Wednesday as US inflation data provided bulls some relief.BTC/USD 1-hour chart
Source: Cointelegraph/TradingViewJuly Fed rate-cut odds absent despite cool PPIData from Cointelegraph Markets Pro and TradingView showed
BTC/USD hovering at around $119,000.Still up 0.5% on the day, the pair surfed promising Producer Price Index (PPI) results, which came in
official press release from the US Bureau of Labor Statistics (BLS) confirmed.US PPI 1-month % change
Consumer Price Index (CPI) print the day before, rising 2.7% year-on-year to reach the highest levels since February.Some commentators
suggested that the Federal Reserve would now be even less likely to lower interest rates, a blow to risk assets
rate probabilities (screenshot)
to report, exchange order-book liquidity has formed low-timeframe price magnets throughout recent months.On X, monitoring resource CoinGlass
likewise flagged liquidity to the upside on the day, its data showing asks clustered between $119,500 and $120,500.BTC liquidation heatmap
toward them after forming
The gap in question lies between $114,300 and $115,600.CME Group Bitcoin futures one-day chart
Source: Rekt Capital/XThis article does not contain investment advice or recommendations
Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
