Bitcoin price targets $79K as US PPI inflation hits highest since 2022 Bitcoin slipped further below the $80,000 mark as US PPI data compounded the inflation problem from the US-Iran war and associated high oil prices.
Bitcoin (BTC) fell below $80,000 into Wednesday’s Wall Street open as US inflation data continued to alarm
Key points: – Bitcoin price action sees fresh downside pressure thanks to US PPI inflation reaching its highest since 2022. – Odds of further financial tightening by the Federal Reserve increased in a headwind for crypto. – BTC price analysis sees the CME futures gap staying as resistance “until further notice.” BTC price action loses $80,000 in fresh inflation blow Data from TradingView showed a trip to near $79,500 accompanying the April release of the Producer Price Index (PPI). BTC/USD one-hour chart.