Thursday, December 7, 2023

Bitcoin price Reaches $28.5K on PCE data as macro ‘accumulation zone’ ends.

In anticipation of the monthly closing of the BTC price, speculation that $30,000 will be reached shortly has reappeared, pushing Bitcoin’s price up by $1,000 today.

At the opening of trading on Wall Street on March 31, Bitcoin recouped previous losses as investors sought a solid monthly close.

PCE delights risk assets as with BTC price up $1,000

Bitstamp’s BTC/USD pair rose by $1,000 from the day’s lows to $28,556 just after the opening bell, according to data from Cointelegraph Markets Pro and TradingView.

U.S. macroeconomic data was positive, and the latest increases came after the February Personal Consumption Expenditures (PCE) index came in slightly above forecasts.

According to the White House’s official statement on the PCE data, “we are making progress in the fight against inflation.”

Despite low unemployment and sustained growth, annual inflation fell by about 30 percent, as reported today.

Bets on a pause in Federal Reserve interest rate hikes in May increased as CME Group’s FedWatch Tool revealed that inflation remained stubborn while appearing to not worry markets.

This anticipation led to a rise in the price of risky assets. The S&P 500 and the Nasdaq Composite Index gained about 0.5% at publication.

The sentiment surrounding Bitcoin was similarly upbeat, even though several traders had expressed concern about a big retracement at or near the monthly closing.

According to market watchdog Material Indicators data, most ask liquidity was stacked at $29,000 ahead of the PCE report.

As Bitcoin’s price held a crucial support level at $27,700, popular trader Crypto Tony speculated that the cryptocurrency might soon reach $30,000.

Skew, an analytics firm, believed that spot buying pressure must be maintained if prices remain above $28,000.

Bitcoin “leaving” buy the dip territory

Optimism persisted even as we considered longer periods.

Bitcoin is moving out of an accumulation area, said Cubic Analytics senior market analyst Caleb Franzen.

Long-term bullish probabilities are growing as long as we stay above the lower bound, and the Bitcoin 24-month Williams%R Oscillator is expected to close above the ‘oversold’ barrier for March.

Before the 2023 rise, Franzen had covered the changing status quo for the Bitcoin Williams%R oscillator across multiple timeframes.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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