BTC is in no mood to party as a June Fed rate hike pause gets 96% consensus.
BTC/USD annotated chart. Source: Crypto Tony/ Twitter
Among the bullish voices on the day was trader and analyst Moustache, who in optimistic analysis focused on longer-term price trends. Specifically, two moving averages, the 20-week and 200-week, were about to stage a form of “golden cross” - wiping out their interplay from September 2022, months before Bitcoin’s latest cycle low.
“In September 2022, there was a bearish cross of the SMA 20/200 line for the first time on record. This gave many people the opportunity to buy $BTC at ~15k,” Moustache explained.BTC/USD annotated chart. Source: Moustache/ TwitterOn macro, meanwhile, encouraging U.S. Producer Price Index and unemployment data gave crypto investors cause for cautious celebration.Jobless claims were up on the day, while PPI conformed to expectations of inflation continuing to trail off.
“US unemployment claims higher to +264k and PPI in-line with consensus on the headline + core prints. More data conducive to a pause in June,” he
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