Bitcoin Grills $74,000 Again After US PCE Inflation Data
Bitcoin approached $74,000 as US PCE inflation data met expectations, boosting risk assets, though traders remain divided on the next move.Summary
Bitcoin (BTC) rallied toward $74,000 following the release of January's Personal Consumption Expenditures (PCE) Index data, which matched market expectations for both monthly and yearly inflation rates. This outcome soothed risk assets, causing US stocks to rise and Bitcoin to cross its 50-day moving average, diverging from a recent positive correlation with falling oil prices. However, market sentiment remains mixed; trader Michaël van de Poppe anticipates resistance between $76,000 and $79,000, potentially leading to altcoin momentum, while others, like Daan Crypto Trades, warn of a significant drop if current support levels fail. Another analyst labeled the current upward shift a "bearish retest" due to bearish divergences on RSI and MACD indicators, emphasizing that market observers should watch for a drop in Open Interest (OI) to signal the end of the rally.
(Source：Cointelegraph)