Bitcoin's Price Dips Below $27K Despite Bullish Trend Lines and CPI Inflation Data.
Bitcoin's price risks a further loss of support as it heads towards $27,000, despite bullish cues from US macro data. Market participants continue to prepare downside targets, with many focusing on the area around $25,000. However, trader and analyst Moustache remains optimistic, focusing on longer-term price trends, as two moving averages, the 20-week and 200-week, are about to stage a form of "golden cross." Meanwhile, US Producer Price Index (PPI) and unemployment data gave crypto investors cause for cautious celebration, with the odds on for interest rates to stop rising in June.