Bitcoin (BTC) remained largely unaffected by global macroeconomic events on August 13, as its price continued to hover below the $60,000 mark.
Data from Cointelegraph Markets Pro and TradingView highlighted a tepid response from BTC/USD during the Wall Street open, which contrasted sharply with the more positive performance in stock markets.
Japan led the bullish sentiment of the day, with the Nikkei 225 fully recovering its earlier record losses for the month, closing at 36,232 points, up 3.45%. U.S. equities also had a strong start, with the S&P 500 and Nasdaq Composite Index rising by 0.8% and 1.4%, respectively, within the first hour of trading.
This robust performance was supported by the July Producer Price Index (PPI) report, which came in below expectations—a factor that fueled speculation about potential interest rate cuts and increased capital flow into risk assets.
According to the latest data from CME Group’s FedWatch Tool, markets are now favoring a 0.5% rate cut by the Federal Reserve at its upcoming September meeting, compared to a previous expectation of a 0.25% cut.
Commenting on Bitcoin’s muted reaction to these developments, popular trader Daan Crypto Trades noted how macroeconomic data releases often lead to short-term “fakeout” moves. “This was just PPI so the move wasn’t large,” he explained in a post on X (formerly Twitter). “We tend to see similar things on CPI which often causes much larger (and slightly slower) whipsaw moves.”
Looking ahead to the upcoming Consumer Price Index (CPI) report due on August 14, Daan Crypto Trades added, “PPI not a bad start. Coming in slightly below which I think is good. Gives the Fed room to start cutting (this would not be great if we’d get hot inflation reads), but also not going into the negative where we’d have to start getting afraid for deflation yet.”
