Bitcoin price hits $17K on US PPI as trader warns of ‘final capitulation’

Bitcoin price hits $17K on US PPI as trader warns of ‘final capitulation’


Bitcoin (BTC) spiked to $17,000 at the Nov. 15 Wall Street open as fresh United States economic data continued to show inflation cooling.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView“Good” PPI boosts risk assets

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it came closer to multi-day highs.

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Volatility had returned an hour before the open as the U.S. Producer Price Index (PPI) came in below expectations.

Core PPI was unchanged month-on-month, with the PPI overall up 0.2% versus the 0.4% forecast. Year-on-year PPI was 8% versus the 8.3% forecast.

The data, already in stark contrast to last month’s PPI, follows on from October’s Consumer Price Index (CPI) readout last week, this also showing that price increases in the U.S. were slowing.

An ostensibly good sign for crypto along

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