The cryptocurrency market continued to rise yesterday, with BTC surpassing 97,000 and ETH breaking through 3,400 USD. The market did not have any particular positive news; instead, the Producer Price Index (PPI) released by the US was higher than expected, indicating that inflation is indeed rising. As a result, US stock indices closed lower for the second consecutive day because this data allows the Federal Reserve to directly judge that inflation is heating up, prompting a need to pause interest rate cuts. Conversely, the continued rise in the cryptocurrency market was somewhat unexpected.
We also discussed before that the BTC daily chart needs to break through two downward trendlines simultaneously to have a chance to reverse the trend. Currently, the two-day consecutive upward momentum on the BTC daily chart has temporarily pulled BTC out of the short-term downtrend. It is now hovering just below the long-term downtrend line. BTC needs to stay above 97,000 USD and then break through 98,000 USD to reverse the three-month downward trend, and only then can it challenge the 100,000 USD level again.
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