Bitcoin Rallies as Higher-Than-Expected PPI Data Revealed

Bitcoin (BTC) edged closer to $61,500 as markets opened on October 11, showing resilience despite new inflation concerns in the United States. Data from Cointelegraph Markets Pro and TradingView indicated Bitcoin reaching local highs of $61,476 on Bitstamp. The latest U.S. macroeconomic data, the Producer Price Index (PPI), came in higher than expected at 1.8%, surpassing the forecast of 1.6%. According to the Bureau of Labor Statistics (BLS), “the index for final demand less foods, energy, and trade services inched up 0.1 percent in September after rising 0.2 percent in August,” while prices for final demand excluding these sectors increased