Bitcoin (BTC<\/a>) looked set to challenge range highs on July 13 as fresh macroeconomic data boosted risk asset bulls.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed the market as the BTC price focus shifted above $30,500.<\/p>\n PPI inflation leads CPI by a few months… and today’s PPI numbers have YoY running at +0.24%<\/p>\n Almost in deflation! Fed pivot anyone? https:\/\/t.co\/oM4ck5Vgwy<\/a> pic.twitter.com\/Xl78ohLzOM<\/a><\/p>\n \u2014 tedtalksmacro (@tedtalksmacro) July 13, 2023<\/a><\/p><\/blockquote>\n United States Producer Price Index (PPI) numbers released on the day again came in below expectations, aiding rapidly abating inflation forecasts.<\/p>\n With two weeks to go until the Federal Reserve decided on interest rate policy, however, markets themselves remained convinced that another hike would come next \u2014 despite the PPI and Consumer Price Index (CPI) data<\/a> from the day prior.<\/p>\n According to CME Group\u2019s FedWatch Tool<\/a>, bets on a 0.25% hike stood at almost 95% at the time of writing.<\/p>\n \u201cQuite literally, everything is pointing to more disinflation in the months & quarters ahead (even if energy rallies from here). Core CPI is going to decelerate so fast, people will be shocked,\u201d Caleb Franzen, senior market analyst at Cubic Analytics, wrote<\/a> in part of a follow-up.<\/p>\n Franzen argued that declining inflation had directly influenced the BTC price rebound throughout 2023.<\/p>\n \u201cNotice how equities are ripping this year? Notice how Bitcoin is up +86% YTD? Asset prices are multi-variate, but a lot of the upward momentum has been from disinflation,\u201d he explained.<\/p>\n On Bitcoin itself, the mood was more optimistic. <\/p>\n Related:\u00a0Will Bitcoin catch up? BTC price was $40K when the dollar was previously this weak<\/a><\/em><\/strong><\/p>\n Alongside PPI came news that Europe would see its first Bitcoin spot exchange-traded fund, or ETF,<\/a> launching this year.<\/p>\n Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, hoped that the time would soon come for a breakout.<\/p>\n \u201cBitcoin holds $30,200 and most likely will start looking at range high again,\u201d he said<\/a> about overnight BTC price action.<\/p>\n \u201cAnother test and we\u2019ll have a swift breakout to $38K.\u201d<\/p><\/blockquote>\n An additional tweet on the day gave a downside target of $29,300<\/a> should the $30,000 support fail to continue holding.<\/p>\n Others, including popular trader Skew, suggested that while the range remained stubbornly in place, a return to trend was not far away.<\/p>\n $BTC<\/a> 4H However, price nicely grinding on 4H \/ 1D EMAs <\/p>\n Stoch reset \/ RSI reset <\/p>\n Market seems ready for major move https:\/\/t.co\/RD3ffAKQag<\/a> pic.twitter.com\/eHCBPflsm1<\/a><\/p>\n \u2014 Skew \u0394 (@52kskew) July 13, 2023<\/a><\/p><\/blockquote>\n Fellow trader Jelle, meanwhile,\u00a0eyed<\/a> a triangle formation immediately below \u201ckey\u201d $31,000 resistance.<\/p>\n Collect this article as an NFT<\/a><\/em><\/strong> to preserve this moment in history and show your support for independent journalism in the crypto space.<\/em><\/em><\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-07\/6d56a26b-7ffc-44d0-aca1-e97228ed4160.png\")
PPI shows U.S. inflation retreating beyond expectations<\/h2>\n
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Analyst gives $38,000 Bitcoin breakout target<\/h2>\n
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Two weeks later, still chopping here lol <\/p>\n