Bitcoin sees new 4-month high as US PPI, retail data posts 'big misses'

Bitcoin sees new 4-month high as US PPI, retail data posts ‘big misses’

Bitcoin (BTC) set yet another multi-month high before the Jan. 18 Wall Street open as United States macroeconomic data fell far wide of expectations.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewU.S. PPI numbers fall wide of the mark

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $21,646 on Bitstamp.

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A subsequent correction saw the pair moving around $21,400 at the time of writing, with U.S. stocks reacting to surprise data surrounding economic activity in December.

Specifically, the Producer Price Index (PPI) showed cost rises cooling faster than consensus predicted, with retail sales also declining beyond estimates.

“PPI comes in at 6.2%, while expectation was 6.8%. Core PPI comes in at 5.5%, while expectation was 5.7%,” Cointelegraph contributor Michaël van de Poppe wrote in part of ongoing Twitter

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