{"id":11724,"date":"2023-04-29T03:11:38","date_gmt":"2023-04-29T03:11:38","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=11724"},"modified":"2023-04-29T03:11:39","modified_gmt":"2023-04-29T03:11:39","slug":"bitcoin-price-holds-29k-as-us-pce-data-sparks-90-fed-rate-hike-bets","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11724","title":{"rendered":"Bitcoin price holds $29K as US PCE data sparks 90% Fed rate hike bets"},"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 choppy at the April 28 Wall Street open, while United States macro data conformed to expectations.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>PCE offers \u201cnothing to shock\u201d<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD fluctuating around the $29,000 mark on Bitstamp.<\/p>\n<p>U.S. Personal Consumption Expenditures (PCE) Index data, tipped as the macro event of the week, failed to deliver a performance catalyst as numbers broadly conformed to what markets had already priced in.<\/p>\n<p>\u201cThe trend is our friend, however core sticky for now &#8211; hovering at 4.6% since December,\u201d financial commentator Tedtalksmacro responded, adding in Twitter comments that the latest numbers were \u201coverall nothing to shock the market.\u201d<\/p>\n<p>U.S. equities thus showed little movement at the open, while for Bitcoin, Binance order book data showed modest bid liquidity moving toward spot price, compressing potential volatility.<\/p>\n<p lang=\"en\" dir=\"ltr\">Here&#8217;s how the #BTC order book is setup ahead of the report. #FireCharts pic.twitter.com\/7sCpVP5mKU<\/p>\n<p>\u2014 Material Indicators (@MI_Algos) April 28, 2023<\/p>\n<p>Attention increasingly focused on the macro events of the coming week, these headlined by the Federal Reserve interest rate decision.<\/p>\n<p>As noted by financial commentary resource The Kobeissi Letter, already strong odds of a further rate hike only gained momentum on the back of the PCE print.<\/p>\n<p>\u201cInterestingly, odds for another 25 bps rate hike in June are building, up to 28%,\u201d part of Twitter analysis stated. <\/p>\n<p>\u201cHowever, at least 2 rate cuts are expected this year. The Fed still has not said they support any rate cuts this year. Next week will be huge.\u201d<\/p>\n<p>According to CME Group\u2019s FedWatch Tool, a 0.25% rate hike was a 90% certainty at the time of writing, up 5% versus the day prior.<\/p>\n<p><em>Fed target rate probabilities chart. Source: CME Group<\/em><\/p>\n<h2>BTC price cements short-term range<\/h2>\n<p>With little certainty in BTC price action, meanwhile, traders focused on the longer-term trend.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin sell-off next? Binance BTC balance shoots up $1.5B in one month<\/em><\/strong><\/p>\n<p>Jelle, already confident that major downside would be avoided, flagged new trading range for BTC\/USD, with a possible \u201cslow bleed\u201d to just below the $29,000 mark.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin is establishing a new range here &#8211; seems like volatility will come down in the coming days.<\/p>\n<p>Slow bleed towards 28.7 makes sense.<\/p>\n<p>No need to get euphoric or scared, consolidation is a necessary part of market movement.<\/p>\n<p>The long-term direction remains up, be patient. pic.twitter.com\/rwil38uRkP<\/p>\n<p>\u2014 Jelle (@CryptoJelleNL) April 28, 2023<\/p>\n<p>Popular trader and analyst Rekt Capital zoomed out further, eyeing a potential repeat of historical bullish trends to confirm the end of last year\u2019s bearish trend.<\/p>\n<p>\u201cBitcoin has already broken its Downtrend. Now it\u2019s all about continuing the new Uptrend. Whether a retest is needed or not is the question,\u201d he tweeted on April 27.<\/p>\n<p>\u201cBut history suggests the mid-term to long-term outlook looks bullish.\u201d<em>BTC\/USD annotated chart. Source: Rekt Capital\/Twitter<\/em><\/p>\n<p><strong><em>Magazine: Whatever happened to EOS? Community shoots for unlikely comeback<\/em><\/strong><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><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-holds-29k-as-us-pce-data-sparks-90-fed-rate-hike-bets\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) stayed choppy at the April 28 Wall Street open, while United States macro data conformed to expectations. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView PCE offers \u201cnothing to shock\u201d Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD fluctuating around the $29,000 mark on Bitstamp. U.S. Personal Consumption Expenditures (PCE) Index data, tipped [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11725,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11724","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\/11724","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=11724"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11724\/revisions"}],"predecessor-version":[{"id":11726,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11724\/revisions\/11726"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11725"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}