US inflation pressures intensified in April after the Producer Price Index (PPI) rose 1.4% month-on-month and 6% year-on-year, marking its highest annual level since December 2022. The increase significantly exceeded market expectations and was largely driven by a 15.6% surge in gasoline prices, linked to ongoing geopolitical tensions in the Middle East involving the US, Israel, and Iran.
The sharp rise in producer prices has renewed concerns that inflationary pressures could spill over into consumer prices in the coming months. Economists note that the PPI is a leading indicator for the Consumer Price Index, as rising production costs are often passed down the supply chain when corporate margins come under pressure, News.Az reports, citing Equiti.
In response, Federal Reserve officials have signalled that further interest rate hikes could be considered if inflation continues to accelerate. Comments from Federal Reserve Bank of Boston President Susan Collins and Minneapolis Fed President Neel Kashkari reinforced expectations that monetary tightening remains on the table.
Financial markets reacted quickly to the data, with investors moving away from risk assets. Bitcoin declined as traders adjusted to expectations of higher interest rates and persistent inflation risks, falling around 1.5% to near $79,280.
The cryptocurrency also came under pressure from technical weakness. Analysts note that Bitcoin remains below its 200-day moving average, reinforcing a longer-term bearish outlook despite short-term consolidation. Momentum indicators, including MACD and RSI, have turned negative, suggesting weakening upward momentum and a possible continuation of the current corrective phase.
Key technical levels remain in focus, with resistance near $83,000 and stronger upside barriers around $96,000. On the downside, support is seen at $72,000, with a deeper risk zone near $62,000 if selling pressure accelerates.
Overall, the combination of hotter-than-expected US inflation data, rising energy costs, and the prospect of tighter monetary policy has created a risk-off environment, weighing on cryptocurrencies and other high-volatility assets.
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