BTC reclaims $76,000 as US PPI cools; Fed cut bets rise
Bitcoin (BTC) reclaimed the $76,000 level after US March Producer Price Index (PPI) came in softer than expected. Annual PPI rose 4.0% vs 4.7% forecast, and monthly PPI increased 0.5% vs 1.1% expected. Core PPI held at 3.8%. Traders took the “cooling inflation” signal as a boost for crypto risk-on, expecting a less aggressive Federal Reserve path and easier liquidity.
BTC is still trading within an ascending range after rebounding from February’s low. Support is highlighted near the rising trendline around $68,000. Resistance is clustered between $72,000 and $76,000, where prior breakouts have sometimes failed and triggered pullbacks. Many traders are watching for one more push toward roughly $74,000–$76,000 to confirm the next move.
Derivatives data adds context: Binance BTC-USD 30-day open interest reportedly fell from about $1.9B to $1.19B while price moved from roughly $63,000 (Feb 5) to about $73,200 (Feb 14). That divergence suggests the rally leaned more on spot buying and short covering than on fresh leveraged futures demand.
Key trade question: will BTC hold above $76,000, or will rejection send it back toward $68,000 and potentially the $63,000–$66,000 support zone?
Bullish
US PPI cooling reduces near-term inflation fears, which typically lifts crypto risk appetite and supports BTC price action. The latest data strengthens expectations for a less aggressive Federal Reserve stance, improving conditions for BTC as a high-beta asset.
On the tape, BTC reclaimed $76,000 and is holding an ascending structure after the February low, with clear upside-or-fail levels near the $72,000–$76,000 resistance band. The open-interest drop on Binance BTC-USD suggests the rally wasn’t driven by fresh leveraged futures expansion, which can reduce the risk of an immediate leveraged unwind.
However, because BTC faces a well-defined resistance cluster at $72,000–$76,000, the move still depends on holding above ~$76,000. A rejection would likely pull price back toward $68,000 and then $63,000–$66,000, limiting the bullish follow-through unless resistance breaks cleanly.