The Great God said about the coin: After the release of the August PPI and unemployment claims data in the U.S. on September 13, Bitcoin is challenging the 58,000 mark

The U.S. Bureau of Labor Statistics released the latest data last night, showing that the year-on-year increase in the Producer Price Index (PPI) for August in the U.S. was 1.7%, lower than the market expectation of 1.8%, marking a new low since February this year. The previous value was also revised down from 2.2% to 2.1%. Following the CPI data, this further indicates a slowdown in inflation in the U.S. At the same time, for the week ending September 7, the number of initial jobless claims in the U.S. recorded 230,000, slightly higher than market expectations, with the previous value revised from 227,000 to 228,000, but the overall change was not significant.
**　　The PPI once again provided a strong boost for the Federal Reserve to initiate interest rate cuts next week. Last month, the PPI increased by 0.2% month-on-month, while the growth rate for July was revised down. Considering the CPI data from last Wednesday, the likelihood of a significant interest rate cut by the Federal Reserve is not high. The probability of a 25 basis point cut has risen to 85%, reaching the highest level in nearly a month. The rebound in Bitcoin indicates that bullish sentiment in the market is relatively dominant, as evidenced by major players continuing to bet on bullish options for October and December.**
**　　However, apart from the expectations of the Federal Reserve's interest rate cuts and the impact of the U.S. elections, there may not be any fundamental factors affecting Bitcoin in the near term. Therefore, before the dust settles, the volatility of Bitcoin is expected to decrease. Influenced by the CPI data and the presidential debate, Bitcoin's volatility dropped by 12% this week, and with no significant overall economic events occurring in the short term, volatility is expected to decline before next week's FOMC meeting.**
**　　In terms of cryptocurrencies, after the release of the PPI data and initial jobless claims last night, Bitcoin experienced increased volatility, fluctuating between 58,600 and 57,400. The short position near 58,600 mentioned in yesterday's article successfully captured a profit of over 1,200 points. As of the time of writing, Bitcoin is quoted at $58,150, with a 24-hour increase of 0.58%. Whether it can stabilize above $58,000 and continue to rise will become a short-term focus.**
**　　Bitcoin 4-Hour Chart**

**　　According to the MACD indicator in the 4H Bitcoin chart, the DIF line and DEA line formed a golden cross near the 0 axis, but failed to effectively widen the gap, indicating that it is currently in a consolidation state. A pullback cannot be ruled out in the short term. The MACD red histogram is also gradually shortening, showing a weakening of bullish momentum. The KDJ three-line values are all running above 50, with the J line slightly turning down, indicating a possibility of a pullback in the short term. If the J line continues to turn down, it may lead to a decline in the K line and D line values, increasing the likelihood of a pullback in the short term. The current price is close to the upper Bollinger Band, indicating that Bitcoin's price has risen to a relatively high point recently, but the price has not effectively broken through the upper band, indicating strong resistance at the upper band, along with the risk of a pullback. The RSI value of 60.14 is near the overbought zone but has not yet entered a severely overbought area. The RSI is slightly flattening, indicating that the current buying power is beginning to weaken, and the market may enter a consolidation phase.**
**　　Bitcoin 1-Hour Chart**

**　　According to the MACD indicator in the 1H Bitcoin chart, the DIF line is above the DEA line and running above the 0 axis, indicating that the current market is in a bullish state, with potential for further upward momentum in the short term. However, the MACD red histogram is gradually shortening, showing a weakening of bullish momentum. The recent histograms are shorter than the previous ones, indicating that upward momentum is gradually fading. The KDJ three-line values are all at high levels, in the overbought area, with the J line higher, posing a risk of a pullback at any time. If the J line continues to turn down, the K line and D line may also decline. The price encounters resistance from the upper band as it approaches the upper band, and if it cannot effectively break through the upper band in the short term, the price may pull back to near the middle band. The Bollinger Band's opening has clearly expanded, indicating that market volatility is relatively low, and it may maintain a range-bound oscillation trend in the future. The RSI value of 55.31 is in the neutral to strong area, indicating that buying power still holds an advantage but has not entered the overbought area, suggesting that there is still room for upward movement. However, it may maintain a volatile trend in the short term.**
**　　In summary, Bitcoin is currently at a relatively high level, and multiple indicators show that short-term upward momentum is weakening, posing a risk of consolidation or slight pullback.**
**　　Based on the above, the following suggestions are provided for reference**
**　　Short Bitcoin near 58,300, target 56,500, stop loss at 58,700**
**　　　　　Time of writing: (2024-09-13, 19:25)**
**　　　　(Article by - Daxian Says Coin)**