Bitcoin price stays under $24K as PCE data helps US dollar to near 7-week highs

Bitcoin (BTC) stayed decrease on the Feb. 24 Wall Avenue open as United States macroeconomic information confirmed inflation biting again.

PCE sparks recent doubts on inflation

Knowledge from Cointelegraph Markets Pro and TradingView adopted BTC/USD because it traded in a narrowing vary round $23,800.

The pair tried to reclaim $24,500 the day prior, but it surely in the end proved unsuccessful, as resistance saved positive factors in verify.

Bitcoin nonetheless noticed solely a muted response to the newest U.S. Private Consumption Expenditures (PCE) index print, which was 4.7% as an alternative of the 4.3% forecast — suggesting that inflation was not ebbing as shortly as hoped.

For common commentator Tedtalksmacro, it will trigger the Federal Reserve to contemplate a bigger rate of interest hike at its March assembly — a possible headwind for danger belongings together with crypto.

“Right here comes the hypothesis of 50bps in March,” he argued in a part of a Twitter response.

Specializing in BTC/USD itself, Cointelegraph contributor Michaël van de Poppe, in the meantime, remained upbeat on the short-term prospects.

“The markets are nonetheless having a daily correction inside an uptrend,” he wrote alongside a chart with important ranges highlighted.

“So long as Bitcoin stays above $22K, this may be enough to anticipate continuation in direction of $25K+.”

Monitoring useful resource Materials Indicators highlighted resistance on the Binance order guide laddered above the spot worth, with essentially the most assist at $23,000.

Fashionable dealer and analyst Rekt Capital moreover confirmed that BTC/USD was making an attempt to carry a pattern line just lately flipped to assist on intraday timeframes.

“There hasn’t been a third consecutive retest but however BTC remains to be holding above the Decrease Excessive resistance,” he tweeted.

“If this worth stability continues right here, one may make the argument that worth is slowing within the sell-side momentum in opposition to this new Decrease Excessive assist.”

U.S. greenback challenges 2023 excessive

U.S. inventory took a extra pronounced tumble on the PCE print, with the S&P 500 and Nasdaq Composite Index down 1.4% and 1.7%, respectively, on the time of writing.

Associated: Bitcoin must leverage $1T central bank liquidity to beat sellers — Research

A fine addition was had by the U.S. Greenback Index (DXY), which climbed to 105.3 on the day, its highest since Jan. 6.

DXY weak point characterised a lot of the January crypto comeback, which reversed in February in step with elevated problem confronted by Bitcoin bulls eager to carry on to 50%+ positive factors.

“The U.S. Greenback Index #DXY strikes additional into the 200-day transferring common cloud,” Caleb Franzen, senior market analyst at Cubic Analytics, wrote in a part of a Twitter abstract.

Franzen added that the DXY “may see extra upside inside this vary, however all the vary is potential resistance.”

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.