{"id":10566,"date":"2023-02-24T19:13:51","date_gmt":"2023-02-24T19:13:51","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=10566"},"modified":"2023-02-24T19:13:52","modified_gmt":"2023-02-24T19:13:52","slug":"bitcoin-price-stays-under-24k-as-pce-data-helps-us-dollar-to-near-7-week-highs","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10566","title":{"rendered":"Bitcoin price stays under $24K as PCE data helps US dollar to near 7-week highs"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) stayed lower at the Feb. 24 Wall Street open as United States macroeconomic data showed inflation biting back.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>PCE sparks fresh doubts on inflation<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it traded in a narrowing range around $23,800.<\/p>\n<p>The pair attempted to reclaim $24,500 the day prior, but it ultimately proved unsuccessful, as resistance kept gains in check.<\/p>\n<p>Bitcoin nonetheless saw only a muted reaction to the latest U.S. Personal Consumption Expenditures (PCE) index print, which was 4.7% instead of the 4.3% forecast \u2014 suggesting that inflation was not ebbing as quickly as hoped.<\/p>\n<p>For popular commentator Tedtalksmacro, this will cause the Federal Reserve to consider a larger interest rate hike at its March meeting \u2014 a potential headwind for risk assets including crypto.<\/p>\n<p>\u201cHere comes the speculation of 50bps in March,\u201d he argued in part of a Twitter reaction.<\/p>\n<p>Focusing on BTC\/USD itself, Cointelegraph contributor Micha\u00ebl van de Poppe, meanwhile, remained upbeat on the short-term prospects.<\/p>\n<p>\u201cThe markets are still having a regular correction inside an uptrend,\u201d he wrote alongside a chart with significant levels highlighted. <\/p>\n<p>\u201cAs long as Bitcoin remains above $22K, this would be sufficient to expect continuation towards $25K+.\u201d<em>BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/Twitter<\/em><\/p>\n<p>Monitoring resource Material Indicators highlighted resistance on the Binance order book laddered above the spot price, with the most support at $23,000.<\/p>\n<p><em>BTC\/USD order book data (Binance). Source: Material Indicators\/Twitter<\/em><\/p>\n<p>Popular trader and analyst Rekt Capital additionally showed that BTC\/USD was attempting to hold a trend line recently flipped to support on intraday timeframes.<\/p>\n<p>\u201cThere hasn&#8217;t been a 3rd consecutive retest yet but BTC is still holding above the Lower High resistance,\u201d he tweeted. <\/p>\n<p>\u201cIf this price stability continues here, one could make the argument that price is slowing in the sell-side momentum against this new Lower High support.\u201d<em>BTC\/USD annotated chart. Source: Rekt Capital\/Twitter<\/em><\/p>\n<h2>U.S. dollar challenges 2023 high<\/h2>\n<p>U.S. stock took a more pronounced tumble on the PCE print, with the S&amp;P 500 and Nasdaq Composite Index down 1.4% and 1.7%, respectively, at the time of writing.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin must leverage $1T central bank liquidity to beat sellers \u2014 Research<\/em><\/strong><\/p>\n<p>A welcome boost was had by the U.S. Dollar Index (DXY), which climbed to 105.3 on the day, its highest since Jan. 6.<\/p>\n<p><em>U.S. Dollar Index (DXY) 1-day candle chart. Source: TradingView<\/em><\/p>\n<p>DXY weakness characterized much of the January crypto comeback, which reversed in February in line with increased difficulty faced by Bitcoin bulls keen to hold on to 50%+ gains.<\/p>\n<p>\u201cThe U.S. Dollar Index #DXY moves further into the 200-day moving average cloud,\u201d Caleb Franzen, senior market analyst at Cubic Analytics, wrote in part of a Twitter summary.<\/p>\n<p>Franzen added that the DXY \u201ccould see more upside within this range, but the entire range is potential resistance.\u201d<\/p>\n<p><em>U.S. Dollar Index (DXY) annotated chart. Source: Caleb Franzen\/Twitter<\/em><\/p>\n<p class=\"post-content__disclaimer\">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<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-stays-24k-as-pce-data-helps-us-dollar-near-7-week-highs\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) stayed lower at the Feb. 24 Wall Street open as United States macroeconomic data showed inflation biting back. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView PCE sparks fresh doubts on inflation Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it traded in a narrowing range around $23,800. The pair attempted to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10566"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10566\/revisions"}],"predecessor-version":[{"id":10568,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10566\/revisions\/10568"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10567"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}