The latest U.S. PPI annual rate was released today, but Bitcoin price reacted negatively to it by recording a correction of approximately 2%. However, the price regained momentum and retested the $104,000 as the market experienced an increase in the institutional demand. Moreover, Coinbase’s inclusion in the S&P 500 has acted as a major catalyst.
U.S. PPI Annual Rate in April Falls for the 3rd Consecutive Month
As per the latest reports, the United States of America’s PPI annual rate in April recorded 2.4%. This marks the third consecutive drop on a monthly basis. Moreover, the latest stats are the lowest since September 2024.
Breaking it down, the monthly PPI rate in April was -0.5%. This data is reportedly lowest in 63 months or since April 202. Moreover, the data released was 0.2% below the expectations of this session.
The Impact on Bitcoin Price Today
Following the release of the data, the Bitcoin price took a slight hit by dropping toward its immediate support zone. However, the cryptocurrency market recovered immediately, resulting in top altcoins recovering their short-term losses. At the time of writing, the price of Bitcoin was $103,984 with an intraday trading volume of $44.98 billion, a change of -8.97%.
Moreover, the daily high and low of the largest crypto token were $104,110.99 and $101,440.81, respectively. With this, the BTC price is now trading at a discount of only 4.68% from its all-time high (ATH) of $109,114.88. Considering the present market sentiments, the Bitcoin price could potentially test a new ATH this month.
Also Read: Bitcoin Edges Higher as US CPI Cools to 2.3% in April
