Bitcoin (Btc) Recruits $ 82,000 in Feb. 28 Wall Street Open as the review was directed at a return of the BTC price.
BTC/USD 1-Hour chart. Source: Cointelegraph/TradingView
BTC price pushed the past $ 82,000 to PCE relief
Data from Cointelegraph Markets Pro and Tradingview BTC/USD showed up more than 5% from the latest multimonth lows of $ 78,197 to Bitstamp.
Continued sale of pressure is eased only because the latest US macroeconomic data is consistent with inflation expectations.
The January print of personal consumption (PCE) index, known as the “preferred” inflation gauge of the federal reserve, entered 0.3% and 2.5% month-to-month and year-year, respectively.
The markets immediately felt relief after some recent overshoots in inflation data. With a strengthening of both risk of risk and crypto, US dollar strength began to collapse from local high 107.45, a level invisible within two weeks.
US dollar index (DXY) 1-hour chart. Source: Cointelegraph/TradingView
“It has marked the first decline in PCE inflation since September 2024,” Kobeissi’s trade letter resource wrote in part of A reaction to x.
Kobeissi described both PCE and Core PCE results as “constructive.”
“However, since the data has been released, interest rate expectations have not changed much,” he said.
“Volatility is ramping up.”
Target rate probabilities. Source: CME Group
The latest data from CME Group’s Fedwatch tool Put the odds of a rate cut at the March meeting of the Fed at only 5.5% at the time of writing.
Macro’s tightening is “fully reflecting” at $ 80,000 Bitcoin
Commenting on the impact that could have a MacRO climate in Bitcoin, meanwhile, Julien Bittel, head of MacRo Research in the global Macro investor, has good news for bulls.
Related: When will the price of bitcoin be lowered?
“Everything that happens in today’s markets, especially in crypto, is a direct consequence of tightening financial conditions in Q4 last year,” he argued in part of his Latest X Analysis During the day.
“When financial conditions are tight, liquidity gets drained, and economic surprises begin to slow down.”
BTC/USD compared to GMI conditions in financial condition index % performance. Source: Julien Bittel/x
Bittel suggested that the “fear” that affects the markets will not last long.
“Here’s the thing: it’s upside down next month,” he estimates.
“Financial conditions have fallen rapidly over the past two months – dollars down, the bond yields, the oil decreases – and that sets the stage for a data recovery soon. Remember, financial conditions are always leading.”
Bitcoin at $ 80,000, he graduated, meant lighter conditions were “fully demonstrated” in BTC price action.
“Everyone is on the same side of the trade – the emotion is so bearish, and Bitcoin has been sitting on an RSI of 23, the most -oversold level since August 2023,” he said.
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