The top cryptocurrency Bitcoin (BTC) showed indications of testing upper range levels on July 13, as it reached a trading price of $30,995. The surge in value was supported by recent macroeconomic data, which boosted investor confidence in risk assets. Notably, market attention shifted beyond the $30,500 threshold, as reported by TradingView’s comprehensive data monitoring.

Prominent crypto trader Michaël van de Poppe took to Twitter to share insights about Bitcoin’s bull cycle while also discussing market levels of the cryptocurrency in a YouTube video.

The United States Producer Price Index (PPI) numbers, released on the same day, once again fell short of expectations, contributing to the rapid decline in inflation forecasts. Despite this data, with two weeks remaining until the Federal Reserve decided on interest rates, market participants still believed another hike was imminent. This conviction was reflected in CME Group’s FedWatch Tool, which indicated a nearly 95% probability of a 0.25% rate increase at the time of writing. 

Caleb Franzen, senior market analyst at Cubic Analytics, highlighted the potential for further disinflation in the coming months and quarters. He stated,

Quite literally, everything is pointing to more disinflation in the months & quarters ahead (even if energy rallies from here). Core CPI is going to decelerate so fast, people will be shocked.

Meanwhile,  van de Poppe, founder, and CEO of trading firm Eight, expressed optimism about an impending breakout. Skew, a popular trader, also suggested that while the range remained stubbornly intact, a return to the overall trend was on the horizon.

Another trader, Jelle, observed a triangle formation just below the “key” resistance level of $31,000, which warranted close attention. As Bitcoin continues to navigate the market, traders and analysts eagerly await further developments that could shape its trajectory in the near term.