Bitcoin (BTC) appears to be ending an accumulation zone, according to Caleb Franzen, an analyst at Cubic Analytics. This comes after encouraging macroeconomic data sees BTC/USD trading at $28,556 on Bitstamp post Wall Street open on March 31. The Personal Consumption Expenditures (PCE) index for February has modestly beat expectations in some areas, and the White House officially stated that we are making progress in the fight against inflation, with the PCE Price Index having moved down to 5%, its lowest level since September 2021. This could potentially put on halt interest rate hikes in May, according to data from CME Group's FedWatch Tool.

As for Bitcoin sentiments, traders were anticipating a strong monthly close, with risk assets such as the S&P 500 and Nasdaq Composite trading higher at the time of writing. According to Material Indicators, there was a bulk of ask liquidity stacked at $29,000 before the PCE release, while popular trader Crypto Tony entertained the idea of Bitcoin hitting the $30,000 milestone in the short term, a level that Skew analysts argued one needs to preserve current levels above $28,000.

On higher timeframes, Bitcoin appears to have left the accumulation zone and is slowly grinding back toward the peak of $29K. As this is happening, traders are remaining optimistic that the major cryptocurrency will reach new heights. Nevertheless, caution is advised and investors should do their research properly before entering BTC markets.



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