Bitcoin price hits $28.5K on PCE data as macro ‘accumulation zone’ ends
Bitcoin is up $1,000 on the day as bets on $30,000 hitting soon reappear in advance of the BTC price monthly close. Bitcoin (BTC) recovered recent losses at the March 31 Wall Street open as traders looked for a strong monthly close. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView PCE delights risk assets as with BTC price up $1,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD heading to $28,556 on Bitstamp after the opening bell, up $1,000 from the day’s lows. The fresh gains followed encouraging macroeconomic data from the United States, with the February 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 about the PCE numbers read. “Today’s report shows annual inflation down by nearly 30 percent from this summer, against a backdrop of low unemployment and steady growth.” More evidence of a decline in the US Inflation Rat