Bitcoin (BTC) remained unfazed on August 13, as global markets reacted to significant macroeconomic developments. While Japan’s stock market experienced a full recovery from its historic crash earlier in the month, Bitcoin’s price action remained subdued, staying below the $60,000 mark.
Japan’s Nikkei 225 Recovers
The Nikkei 225, Japan’s leading stock index, closed at 36,232 points, marking a 3.45% increase on the day. This rise allowed the index to completely recover from its earlier record losses. The positive sentiment in Japan influenced U.S. equities as well, with the S&P 500 and Nasdaq Composite Index gaining 0.8% and 1.4%, respectively, within the first hour of trading.
BTC/USD 1-hour chart. Source: TradingView
The boost in U.S. markets was further supported by the latest Producer Price Index (PPI) data, which came in below expectations. This fueled speculation that the Federal Reserve might implement a larger 0.5% interest rate cut at its next meeting in September. Prior to the PPI release, markets had expected a smaller 0.25% cut.
Bitcoin’s Reaction Remains Muted
Despite the upbeat mood in traditional markets, Bitcoin showed little reaction. According to monitoring resource CoinGlass, the bid depth around the $58,000 level increased, indicating potential buying interest, while asks strengthened at $60,000 as the spot price inched higher.
Source: The Kobeissi Letter
Popular trader Daan Crypto Trades noted that while the PPI release caused some movement, it was not significant. He pointed out that similar patterns often occur with Consumer Price Index (CPI) data, which is due for release on August 14.
All-Time High Still Possible by September
Despite the current calm, some analysts remain optimistic about Bitcoin’s future price action. Michaël van de Poppe, founder and CEO of MNTrading, suggested that if Bitcoin breaks the $60,000 level, a new all-time high could be reached as early as September or October.
BTC/USDT chart. Source: Daan Crypto Trades/X
With key inflation data on the horizon, market participants remain cautious, closely monitoring developments for clues on future price movements.
