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The key takeaway is not that the PPI data was bearish—it’s that the market failed to respond strongly to a bullish macro surprise. 📊 What the reaction is telling us PPI below expectations → theoretically bullish for risk assets. But if BTC and ETH barely rally afterward, it suggests buyers aren't willing to aggressively chase price yet. That creates an important distinction: Good macro data ≠ immediate bullish price action. For BTC, the framework you gave is: $64.5K: key resistance/reclaim level $63.2K: important short-term support Below that → downside risk increases Above $64.5K with strong volume → much stronger bullish confirmation For ETH: $1,870: important support $1,920–1,925: resistance Breakout + volume above the resistance zone → stronger recovery signal 🧠 The bigger signal I'd be careful with the statement that “positive news without a rally proves the bottom isn't in.” It doesn't prove that. It does show that buyers haven't demonstrated enough conviction yet. The next thing I'd watch is whether BTC eventually responds positively to another favorable catalyst. If good news repeatedly produces weak reactions, that's a warning about demand. Conversely, if BTC suddenly breaks resistance with expanding volume, the earlier lack of reaction may simply have been accumulation/consolidation. So the cleanest approach is: PPI = favorable macro input. Price + volume = confirmation. Fed expectations = potential catalyst. Until those pieces align, patience is more reliable than forcing a direction.