Renowned cryptocurrency analyst Michael van de Poppe stated that the data released in the US creates an ideal environment for Bitcoin to rise. Bitcoin (BTC) price fell after the Fed's announcement, but according to van de Poppe, the data released today will be in Bitcoin's favor.
The US Department of Labor released the Producer Price Index (PPI) data for May. The PPI fell by 0.2% in May compared to the previous month, the sharpest decline in the last 7 months. While the market was expecting an increase of 0.1%, an increase of 0.5% was recorded in April. On an annual basis, PPI rose by 2.2%. Core producer prices excluding food and energy prices remained unchanged on a monthly basis, but increased by 2.3% yoy. Energy and food prices fell by 4.8% and 0.1%, respectively.
Michael van de Poppe emphasized that PPI and core producer prices were below expectations. He also noted that jobless claims were higher than expected. As of the week ending June 8, jobless claims rose to 242k, while the market was expecting an increase of 225k. Van de Poppe stated that this could pave the way for possible interest rate cuts and this would lead to a positive reaction for Bitcoin.
