$BTC fell from $63k to $61.5k during early European hours without any specific headline. The market experienced choppy price action following Powell’s comments and the PPI data release. $BTC is currently trading at $61,569.
Yesterday, the PPI came in at 0.5%, higher than the estimated 0.2%. The core PPI showed a 0.4% increase, marking the highest level since April 2023. However, Powell noted that the report was quite mixed and included backward revisions.
All eyes are on the CPI data release tonight. The median forecast for the headline CPI is 3.4%, while the core CPI is at 3.6%.
With $GME up 59%, memecoins again outperformed the market. The top three gainers were $ABT, $PEPE, and $FLOKI, while the top three losers were $TRUMP, $WLD, and $RNDR.