Global Market Highlight

The Producer Price Index (PPI), which measures the change in prices that manufacturers pay to suppliers, rose 2.2% for the 12 months ending in April. This increase was higher than March's revised figure, which was adjusted down from 2.1% to 1.8%. On a monthly basis, producer prices rose by 0.5%, a significant acceleration from March's 0.1% decline and exceeding economists' expectations of a 0.3% rise. Despite recent higher-than-expected inflation, Federal Reserve Chair Jerome Powell indicated that he does not anticipate the central bank's next move to be an interest rate hike.

In contrast, the Consumer Price Index (CPI) data for the United States showed a softer-than-expected increase, suggesting that inflation resumed its downward trend at the start of the second quarter. The CPI rose 0.3% last month, and on an annual basis, it increased by 3.4% in April, slightly down from 3.5% in March. Excluding the volatile food and energy sectors, the CPI rose 0.3% in April after a consistent 0.4% rise over the previous three months.

Meanwhile, U.S. crude oil stockpiles decreased by 2.5 million barrels last week, according to the Energy Information Administration, indicating a potential rise in demand as refiners processed more crude oil. Additionally, the U.S. Department of Labor reported an increase in unemployment claims, with 222,000 new claims for the week ending May 11, which was higher than the consensus estimate of 220,000 but lower than the previous week's 232,000 claims.

Bitcoin Price Analysis

In anticipation of the Producer Price Index (PPI) announcement on Tuesday (14/05), Bitcoin (BTC) struggled to stay above the $60,000 level, fluctuating between $60,000 and $63,000. However, following the announcement, BTC managed to break through the mini resistance level at $65,500, marking a significant daily increase of 7.52%.

Currently, BTC is trading sideways, consolidating between the $65,500 and $67,500 price levels as traders await the next catalyst for potential movement.

Ethereum Price Analysis

ETH settling at a strong support level of $2,900. This support level has been tested and validated as the price rebounded four times from this level in the past. However, despite the strong support at $2,900, ETH faced challenges in breaking above the $3,200 level. Currently, Ethereum is experiencing a period of consolidation, reflecting the market's uncertainty.

Solana Price Analysis

Solana (SOL) has been moving differently compared to Bitcoin (BTC) and Ethereum (ETH). On Wednesday (15/05), Solana surged by 11.61%, showcasing a strong bullish momentum.

This positive trend continued on May 16, as Solana broke above the critical resistance level at $160. This breakout marked the beginning of a bullish trend, with SOL now sitting at the $170 level. If Solana can maintain support above $170, it would further solidify the bullish case, potentially paving the way for a move towards the $200 price level.


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