bitcoin (BTC) recouped recent losses at the March 31 Wall Street open as traders looked for a strong monthly close.
PCE delights risk assets as BTC price surged $1,000
Data of Cointelegraph Pro Markets and TradingView It showed BTC/USD heading for $28,556 on Bitstamp after the opening bell, $1,000 higher than the day's lows.
The new gains followed encouraging macroeconomic data from the United States, with February's Personal Consumption Expenditures (PCE) index modestly beating expectations in some areas.
"We are making progress in the fight against inflation," an official white house statement on the PCE numbers read.
"Today's report shows that annual inflation has fallen by almost 30 percent since this summer, against a backdrop of low unemployment and steady growth."
More evidence of a decline in the US inflation rate....
The PCE price index fell to 5%, its lowest level since September 2021. It peaked at 7% in June 2022. pic.twitter.com/gR4pY1UVpf
โCharlie Billello (@charliebilello) March 31, 2023
With inflation sticky but seemingly untroubled in the markets, they appeared to raise bets on the Federal Reserve's interest rate hikes that were halted in May, according to data from CME Group. FedWatch Tool presented.
Therefore, risky assets traded higher early. The S&P 500 and Nasdaq Composite Index are up about 0.5% at the time of writing.
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Related: US Enforcement Agencies Are Increasing Pressure on Crypto-Related Crimes
The mood around Bitcoin was equally upbeat, counteracting reservations among some traders who had warned of a significant pullback at or near the monthly close.
AND BOOM THIS IS HOW YOU GET IMMEDIATELY REBOUND FROM $27.5K
Now is the time to slowly get back to the highs, recoup $29K and start the ramp up for full shipping pic.twitter.com/VDt6zn8lcA
โKALEO (@CryptoKaleo) March 31, 2023
On the rise, data from the monitoring resource Material indicators presented most of the requested liquidity accumulated at $29,000 prior to the launch of PCE.
![](https://i3.wp.com/s3.cointelegraph.com/uploads/2023-03/4683f881-f249-4661-9b6b-34d229995395.png?ssl=1)
Popular Crypto trader Tony considered the idea of โโBitcoin reaching $30,000 In the short term, the price has held a key support level at $27,700.
Skewed analysis account meanwhile argument that spot buying pressure needed to be maintained to preserve current levels above $28,000.
Bitcoin "Leaving" Buy Dip Territory
Moving to higher terms, the optimism was no less evident.
Related: BTC price at $22K? Look at these key levels in Bitcoin's monthly close
"Bitcoin is breaking out of another accumulation zone!" Caleb Franzen, Senior Market Analyst at Cubic Analytics, Announced up to date.
"Bitcoin's 24-month Williams%R oscillator will close above the March 'oversold' threshold, marking the end of previous bear markets. Long-term bullish odds are improving, as long as we stay above the lower limit ."
franzen had previously covered the evolving status quo for the Bitcoin Williams %R oscillator at various time frames when the 2023 uptrend began.
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