Bitcoin Taps $114,000 Following Producer Price Inflation Data: Can This Rally Continue?
Bitcoin (CRYPTO: BTC) on Wednesday briefly touched $114,000 following cooler-than-expected PPI data, prompting speculation about whether this rally can extend.
What Happened: Prominent analyst Kevin highlighted in an exclusive Patreon post that with PPI, CPI, and the FOMC meeting on the horizon, the focus should remain on key levels across short and long-time frames rather than overanalyzing charts.
Bitcoin’s major support lies at $110,600, $107,500–$106,800, and $104,000–$100,000, with resistance at $112,775, $113.700–$114,600, $116,000, and $118,300.
The expectation is that BTC will likely trade between $106,800–$118,300 unless CPI or FOMC surprises significantly.
If inflation is in line or cooler and the Fed remains dovish, markets could get the runway for …
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