{"id":20339,"date":"2023-07-28T14:59:37","date_gmt":"2023-07-28T14:59:37","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/btc-price-shrugs-off-strong-pce-data-as-bitcoin-traders-eye-28k-range\/"},"modified":"2023-07-28T14:59:39","modified_gmt":"2023-07-28T14:59:39","slug":"btc-price-shrugs-off-strong-pce-data-as-bitcoin-traders-eye-28k-range","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/btc-price-shrugs-off-strong-pce-data-as-bitcoin-traders-eye-28k-range\/","title":{"rendered":"BTC price shrugs off strong PCE data as Bitcoin traders eye $28K range"},"content":{"rendered":"
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Bitcoin (BTC) stayed rangebound at the July 28 Wall Street open despite further United States inflation data beating expectations.<\/p>\n

BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Fed’s “preferred” inflation metric points to waning pressure<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView showed BTC price action getting only a modest boost from the Personal Consumption Expenditures (PCE) Index print.<\/p>\n

This came in below estimates, hinting that U.S. inflation was continuing to subside and copying other data prints from the week.<\/p>\n

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BREAKING: US PCE Price Index comes in below expectations<\/p>\n

Expected = 3.1%
Actual = 3.0%<\/p>\n

Inflation continues to wane as per this metric pic.twitter.com\/61mrcBDON6<\/a><\/p>\n

\u2014 Game of Trades (@GameofTrades_) July 28, 2023<\/a><\/p><\/blockquote>\n

Commenting on its implications, financial commentary resource The Kobeissi Letter noted that PCE represented the Federal Reserve\u2019s \u201cpreferred\u201d inflation metric, as previously revealed by Chair Jerome Powell.<\/p>\n

\u201cPCE inflation is now at its lowest since April 2021. The Fed may finally have inflation under control,\u201d it suggested in part of social media analysis.<\/p>\n

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At this week’s Fed’s meeting, they said inflation data over the next 2 months is important.<\/p>\n

PCE inflation is another sign of progress on the fight against inflation.<\/p>\n

Is the Fed’s rate hike cycle finally over?<\/p>\n

Follow us @KobeissiLetter<\/a> for real time analysis as this develops\/<\/p>\n

\u2014 The Kobeissi Letter (@KobeissiLetter) July 28, 2023<\/a><\/p><\/blockquote>\n

Much like the July 26 Fed interest rate hike and the July 27 U.S. Q2 GDP estimate, however, Bitcoin refused to turn on volatility, sticking between $29,000 and $29,500.<\/p>\n

Bitcoin stays below bulls’ resistance target<\/h2>\n

Among traders, there was still appetite for BTC price downside, with $30,000 resistance now in place for over a week.<\/p>\n

Related:\u00a0Bitcoin price risks \u2018major volatility\u2019 as 10K BTC hits exchanges<\/em><\/strong><\/p>\n

Popular trader Crypto Tony confirmed that he remained short BTC below $29,600.<\/p>\n

\u201cI expect continuation down to $28,000 in time, but for sure we could range here for a little while before the drop,\u201d he told<\/a> Twitter followers on the day.<\/p>\n

BTC\/USD annotated chart. Source: Crypto Tony\/Twitter<\/em><\/figcaption><\/figure>\n

Fellow trader Daan Crypto Trades likewise placed emphasis on the loss of the local range focused on the $30,000 mark.<\/p>\n

\u201cWith Bitcoin Rejecting from the previous range, I think it makes sense to prepare for low $28Ks,\u201d he argued<\/a>. <\/p>\n

\u201cInvalidation upon retaking $29.5K but there seems to be a lot of supply at that level and little spot bid to bring it up. Likely a choppy road on the way there.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Daan Crypto Trades\/Twitter<\/em><\/figcaption><\/figure>\n

Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, meanwhile spied what he called \u201cdeviation\u201d on the daily BTC\/USD chart \u2014 something previously occurring in February and which was followed by an upward rebound.<\/p>\n

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Deviation. #Bitcoin<\/a> pic.twitter.com\/AlX9dHOCCt<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) July 28, 2023<\/a><\/p><\/blockquote>\n

Van de Poppe additionally queried<\/a> whether the weekend, with its thinner liquidity and more options for volatile movement, could produce a “classic” comeback.<\/p>\n

Magazine: Should you \u2018orange pill\u2019 children? The case for Bitcoin kids books<\/em><\/strong><\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n