Bitcoin Price to ‘Hit a New Upward Leg’, Said Trader

BitcoinBTCThe US inflation rate was in line with expectations.

Important points

• Bitcoin is waiting for new catalysts, as US PCE inflation numbers conform to market expectations.

• This Friday, the CPI will show the effects of the US war with Iran for the first time.

• According to a trader, $80,000 will remain as the price goal for BTC.

PCE avoids risk asset surprises

TradingView’s data shows that BTC prices have cooled down after reaching local highs around $73,000 a day earlier.

A sigh of relief US-Iran ceasefire The Federal Reserve has also released favorable reports. “preferred” The Personal Consumption Expenditures Index (PCE) is a measure of inflation.

For February, the core PCE was at 3%. Core PCE for February was 0.4% on a monthly level. data The US Bureau of Economic Analysis.

Trading resource The Kobeissi Letter reacted by noting that the US-Iran War and the oil supply squeeze had yet to be reflected in PCE.

“This marks the final pre-Iran War PCE inflation datapoint,” You can also find out more about us here. wrote On X.

CME Group’s data suggests that the markets are still cautious on future Fed policy. FedWatch Tool In 2026, the rate of inflation is expected to remain unchanged.

Bitcoin did not react to Friday’s data in a clear way, but economist Mohamed El-Erian said that the market was still adjusting. March Consumer Price Index (CPI) release What was most important?

“While PCE inflation is widely regarded as the Fed’s favorite measure, the bigger inflation focus this week will be on tomorrow’s CPI data, as PCE covers February and not March,” He told X-Followers

The following are some of the ways to get in touch with us. Cointelegraph reportedCPI can be particularly affected by oil price swings.

Price push of $80,000 BTC by Trader “on the horizon”

BTC’s volatility left traders guessing about the direction and timing of its next movement.

Related: Bitcoin RSI ‘nearly perfectly’ copying end of 2022 bear market: Analysis

In his latest market comment, pseudonymous LP used liquidation clusters in order to identify potential targets.

“On the HTF, some upside low-leverage liquidation clusters have been cleared, but sizeable liquidity still remains around 73K and above the highs near 76K. Meanwhile, liquidity is starting to build on the downside, mainly around 69K and 64K,” An X-post stated. 

“With price still range-bound, both sides remain in play. If the 69–68K level holds, price is likely to push higher and target the remaining upside liquidity around 73K.”

Crypto trader Michaël Van de Poppe was more optimistic, keeping tHe $80,000 mark in play.

“As long as Bitcoin continues to hold these ranges, there’s a strong new upwards leg on the horizon towards $80K,” he summarized The day of the event