Good morning! We have listed the latest news for you. Start the day with a bitcoin breakfast.
The latest PCE report from the US Bureau of Economic Analysis shows that the US central bank’s favorite inflation measure, Personal Consumption Expenditures (PCE), rose 0.3% in February from the previous month. This is in line with market expectations. But what does this mean for the economy and for crypto?
It means that inflation, along with the Consumer Price Index (CPI) and the Producer Price Index (PPI), continues to rise. The core PCE index also rose 0.3%, a slowdown from the previous month’s 0.5% gain. On an annual basis, the PCE rate rose slightly to 2.5% from 2.4%, while core PCE inflation was in line with expectations at 2.8%, slightly lower than the previous month’s 2.9%.
CryptoQuant analyst Maartunn recently noticed an important development in the crypto market. He saw the largest inflows of the usdc stablecoin in history. No less than 1.4 billion dollars in USD has been deposited on the Coinbase platform. This is reminiscent of a similar large usdc inflow that occurred in early 2023, when the price of bitcoin was close to the lowest point of the previous down cycle. But what exactly does this mean for crypto? Martin thinks in any case, such a large deposit can indicate strong buying pressure in the market!
Bitcoin is holding steady around $70,000, which is good news in itself. But now that the Easter weekend is just around the corner, the big question arises: will this stability be maintained, or will we be treated to an Easter Pump that pushes the price towards $75,000? Through an in-depth analysis of various time frames, in this article we look for answers to this pressing question.
In the longer term we see no changes. We regard this as positive. We prefer stability to unpredictable price fluctuations that would force us to continually adjust our expectations. Currently, the price is consolidating just above the previous record high around $70,000.
We are still looking for a ‘higher high’ on the daily chart, which will also mean a new high for bitcoin. All this in anticipation of the current upward trend. This idea is reinforced by the fact that we are (again) dealing with a bullish trend on all relevant time frames.
For the near future, we are focused on reaching a new high and exploring unknown price territory again. After that, our target is $102,000, as determined in an earlier update using Fibonacci Level 1,608. On all time frames we move towards the top right corner. There seems to be no argument for a bearish scenario. We have been maintaining this analysis for some time and nothing has changed today.
Source: https://bitcoinmagazine.nl/nieuws/goedemorgen-bitcoin-de-paas-pump-gaat-bitcoin-we-de-75-000-aantikken-dit-weekend
