Bitcoin bulls have intensified efforts to push prices toward $74,000 again following promising trends in US inflation data impacting both crypto and stock markets. The BTC price is currently positioned to capitalize on recently reported economic indicators.
Key Highlights:
- Positive US inflation figures help sustain upward momentum in crypto and stocks as Bitcoin approaches the $74,000 mark once more.
- Forecasts concerning Bitcoin’s trajectory remain mixed, as traders prepare for potential setbacks amid a ‘bearish retest’ scenario.
- The BTC/USD pair has successfully reconnected with its 50-day moving average.
PCE Inflation Boosts Bitcoin Confidence
Analytic data from TradingView indicates that BTC is reaching new local high prices again near $74,000, driven by the recently released Personal Consumption Expenditures (PCE) Index data that met market expectations with a month-on-month value of 0.3% and a year-on-year increase of 3.1%, as reported by the Bureau of Economic Analysis.
BTC/USD one-hour chart
BTC/USD one-hour chart. Source: Cointelegraph/ TradingView
During this period, US stocks also showed positive movement, gaining approximately 0.5% concurrently. The correlation between risk assets and crypto was notably lessened amidst ongoing fluctuations in oil prices.
BTC Price Predictions: $79,000 Target or ‘Bearish Retest’?
Michaël van de Poppe shared a cautious yet positive sentiment regarding Bitcoin’s outlook, stating, “The resistance zone for me is between $76,000 and $79,000, and while I don’t anticipate a rapid breakout, I think this period may yield additional momentum for altcoins.”
“In the meantime; if Bitcoin gets there, it provides a monthly engulfing candle, effectively erasing the entire correction from February.”
BTC/USDT 12-hour chart
BTC/USDT 12-hour chart. Source: Michaël van de Poppe/X
Stay updated with more market analyses and Bitcoin price insights as the situation develops.
