Bitcoin Holds Steady Amid US Inflation Data and Market Speculation
- Bitcoin (BTC) traded around $71,000 following the release of US PCE inflation data, which met market expectations.
- Core PCE inflation year-on-year was reported at 3%, with a monthly increase of 0.4% according to the US Bureau of Economic Analysis.
- Traders are eyeing a potential price target of $80,000 for BTC as liquidity builds above $73,000 and near previous highs around $76,000.
- The upcoming March Consumer Price Index (CPI) release is anticipated to reflect impacts from the ongoing US-Iran conflict.
- Market sentiment remains cautious regarding future Federal Reserve interest rate policies, with no cuts expected in the near term.
The stability in Bitcoin’s price comes as traders await further catalysts, particularly from Friday’s CPI data that could influence market dynamics amid geopolitical tensions.
As Bitcoin hovers around $71,000 with an eye on reaching $80,000, traders are closely monitoring liquidity levels that may dictate future price movements. (Source)
