{"id":25326,"date":"2023-04-01T20:51:50","date_gmt":"2023-04-02T03:51:50","guid":{"rendered":"https:\/\/coinnetworknews.com\/bitcoin-price-hits-28-5k-on-pce-data-as-macro-accumulation-zone-ends\/"},"modified":"2023-04-01T20:51:50","modified_gmt":"2023-04-02T03:51:50","slug":"bitcoin-price-hits-28-5k-on-pce-data-as-macro-accumulation-zone-ends","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/bitcoin-price-hits-28-5k-on-pce-data-as-macro-accumulation-zone-ends\/","title":{"rendered":"Bitcoin price hits $28.5K on PCE data as macro \u2018accumulation zone\u2019 ends"},"content":{"rendered":"
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Bitcoin (BTC<\/a>) recovered recent losses at the March 31 Wall Street open as traders looked for a strong monthly close.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

PCE delights risk assets as with BTC price up $1,000<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD heading to $28,556 on Bitstamp after the opening bell, up $1,000 from the day\u2019s lows.<\/p>\n

The fresh gains followed encouraging macroeconomic data from the United States, with the February Personal Consumption Expenditures (PCE) index modestly beating expectations in some areas.<\/p>\n

\u201cWe are making progress in the fight against inflation,\u201d an official White House\u00a0statement<\/a> about the PCE numbers read. <\/p>\n

\u201cToday\u2019s report shows annual inflation down by nearly 30 percent from this summer, against a backdrop of low unemployment and steady growth.\u201d<\/p><\/blockquote>\n

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More evidence of a decline in the US Inflation Rate…<\/p>\n

The PCE Price Index moved down to 5%, its lowest level since September 2021. Peak was 7% in June 2022. pic.twitter.com\/gR4pY1UVpf<\/a><\/p>\n

\u2014 Charlie Bilello (@charliebilello) March 31, 2023<\/a><\/p><\/blockquote>\n

With inflation sticky yet seemingly not troubling markets, these appeared to increase bets on Federal Reserve interest rate hikes pausing in May, data from CME Group\u2019s FedWatch Tool<\/a> showed.<\/p>\n

Risk assets thus traded higher in anticipation. The S&P 500 and Nasdaq Composite Index were both up around 0.5% higher at the time of writing.<\/p>\n

Fed target rate probabilities chart. Source: CME Group<\/em><\/figcaption><\/figure>\n

Related: US enforcement agencies are turning up the heat on crypto-related crime<\/a><\/em><\/strong><\/p>\n

The mood around Bitcoin was equally buoyant, countering reservations<\/a> among some traders who had warned of a significant retracement at or near the monthly close.<\/p>\n

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#Bitcoin<\/a> \/ $BTC<\/a><\/p>\n

AND BOOM THAT IS HOW IT\u2019S DONE BOUNCE RIGHT OFF $27.5K<\/p>\n

Now time to slowly grind back toward highs, reclaim $29K and initiate acceleration for full send pic.twitter.com\/VDt6zn8lcA<\/a><\/p>\n

\u2014 K A L E O (@CryptoKaleo) March 31, 2023<\/a><\/p><\/blockquote>\n

To the upside, data from monitoring resource Material Indicators showed<\/a> the bulk of ask liquidity stacked at $29,000 prior to the PCE release.<\/p>\n

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BTC\/USD order book data (Binance). Source: Material Indicators\/Twitter<\/em><\/figcaption><\/figure>\n

Popular trader Crypto Tony entertained<\/a> the idea of Bitcoin hitting $30,000 in the short term, with the price having held a key support level at $27,700.<\/p>\n

Analytics account Skew, meanwhile,\u00a0argued<\/a> that spot buying pressure needed to hold to preserve current levels above $28,000.<\/p>\n

Bitcoin \u201cleaving\u201d buy-the-dip territory<\/h2>\n

Moving to higher timeframes, optimism was no less in evidence.<\/p>\n

Related:\u00a0BTC price to $22K? Watch these key levels into Bitcoin monthly close<\/a><\/em><\/strong><\/p>\n

\u201cBitcoin is leaving another accumulation zone!\u201d Caleb Franzen,\u00a0senior market analyst at Cubic Analytics, announced<\/a> on the day. <\/p>\n

\u201cBitcoin\u2019s 24-month Williams%R Oscillator is set to close above the \u2018oversold\u2019 threshold for March, which has marked an end to prior bear markets. Bullish long-term probabilities are improving, so long as we stay above the lower-bound.\u201d<\/p><\/blockquote>\n

Franzen had previously\u00a0covered the evolving status quo for the Bitcoin Williams %R oscillator<\/a>\u00a0across various timeframes as the 2023 uptrend began.<\/p>\n

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BTC\/USD annotated chart. Source: Caleb Franzen\/Twitter<\/em><\/figcaption><\/figure>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n