🚨 Bitcoin’s Blip: A 3% Tumble, Oh Mon Dieu! 🤑

by

Ah, dear compatriots of commerce! On this most eventful day, March 28, Bitcoin (BTC) sought to find its footing, much like a tipsy aristocrat at a royal ball, as the US inflation data arrived with a flourish, exceeding expectations, no less! 🤯

Bitcoin’s Wobbly Waltz: PCE’s Fiery Entrance

As observed through the keen lenses of CryptoMoon Markets Pro and TradingView, BTC/USD made a brief, yet valiant, attempt to reach $85,500 at the Wall Street open, only to execute a swift about-face, leaving onlookers in a whirlwind of wonder. 🌪️

Alas, down over 3% on the day, the pair found itself in a precarious dance, dipping below $84,500 on Bitstamp, a low not witnessed since the fateful day of March 23. 😱

Meanwhile, the February print of the US Personal Consumption Expenditures (PCE) Index burst onto the scene, revealing an inflation rate that quickened its pace, a stark contrast to the preceding month’s more leisurely stroll. 📈

While the month-on-month and year-on-year PCE tallies conformed to the soothsayers’ forecasts at 0.3% and 2.5%, respectively, their core PCE counterparts proved more audacious, exceeding expectations by a daring 0.1%. 😏

“Core inflation is back on the rise,” declared the sagacious trading resource, The Kobeissi Letter, in a X dispatch, also noting the January numbers had undergone a stealthy revision upwards. 📝

Kobeissi further posited that the current macroeconomic trajectory concocts “the perfect recipe for stagflation in 2025,” a prognosis as dire as a French farce without a happy ending. 🤣

“March inflation data will be even more telling as the trade war rages on,” the letter ominously concluded, leaving us all in suspense. 🤔

BTC Price Analysis: A “Typical Market Cooldown,” or So They Say…

As BTC price action seemed to nonchalantly brush off the inflation warning, market participants remained poised for surprises, their eyes fixed on the horizon like sentinels awaiting the dawn. 🌅

“PCE data is on the horizon, so it’s going to be a volatile day in the markets, I reckon,” mused the popular trader, Daan Crypto Trades, in a X reaction, his words as cautious as a debutant at a high-stakes ball. 🕺

Others, however, maintained a healthy dose of skepticism regarding the broader crypto market’s vigor, agreeing that Bitcoin, though resilient above $80,000, was not yet out of the perilous woods. 🌳

“Trend remains upwards for $BTC, but it starts to look slightly less good,” Michaël van de Poppe, that sage trader, analyst, and entrepreneur, confided to his X followers, his tone as measured as a seasoned diplomat. 🙏

“It’s shaking. Drop sub $84K and I think we’ll see a test at $78-80K and perhaps lower before we’ll bounce back up.”

Fellow trader, TheKingfisher, similarly saw little chance of a full bullish resurgence in the short term, his outlook as sober as a eulogy. ⚰️

“BTC While the short term price action may suggest a localized squeeze, the broader outlook doesn’t yet support the narrative of a sustained bull run… With volatility continuing to decline, current conditions appear more in line with a typical market cooldown. We could be approaching a seasonal reset, potentially front-running the familiar ‘sell in May and go away’ dynamic.”

Read More

2025-03-28 17:27