Bitcoin (BTC) failed to show strength and risked further loss of support, with market participants preparing downside targets around $25,000. Despite new United States macro data offering bullish cues, the pair remained weak and continued to trade at range lows. Traders are waiting for bulls to show strength by retaking the daily open before considering a possible reversal scenario.
Encouraging U.S. Producer Price Index (PPI) and unemployment data gave crypto investors cause for cautious celebration, with market consensus for a June rate hike pause at over 96%.
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