PPI ending the ATH party
BTC’s ATH run was cut short by a hot PPI print, sparking a sharp sell-off and weakening momentum. CME futures and options show risk aversion, while leverage in perps staying elevated.
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Bitcoin’s recent surge to new all-time highs ended abruptly after a hotter-than-expected U.S. Producer Price Index (PPI) report, which came in at 0.9% versus the 0.2% forecast. The shock triggered a sharp sell-off, with BTC plunging from $121,000 to $117,700 within minutes. Sentiment was further dampened by comments from U.S. Treasury Secretary Scott Bessent, who signaled the government would not pursue BTC reserves outside of forfeitures, though he later noted interest in budget-neutral accumulation pathways. Technically, BTC has now broken below its ascending wedge pattern, a bearish signal suggesting waning momentum.
