The price of Bitcoin (BTC) remained relatively stable on Thursday, hovering around $71,000 after the release of key US inflation data met market expectations.
According to market data, BTC showed limited volatility following recent highs near $73,000, as investors reacted to the latest Personal Consumption Expenditures (PCE) index the Federal Reserve’s preferred inflation gauge.
Core PCE inflation came in at 3% year-on-year for February, while the monthly figure stood at 0.4%, aligning with forecasts and avoiding major surprises for risk assets
Analysts noted that the data does not yet reflect the potential economic impact of the recent US-Iran tensions and oil supply concerns, which could influence future inflation readings.
Attention is now shifting to the upcoming Consumer Price Index (CPI) data, which is expected to provide a clearer picture of inflation trends, particularly amid fluctuations in global oil prices.
Despite muted short-term movement, some traders remain optimistic about Bitcoin’s trajectory. Crypto analyst Michaël van de Poppe suggested that as long as BTC holds its current range, a new upward move toward the $80,000 level could be on the horizon.
Market liquidity data indicates key resistance levels around $73,000 and $76,000, while support is forming near $69,000 and $64,000, leaving both upward and downward scenarios in play.
Investors remain cautious as they await further macroeconomic signals and geopolitical developments that could drive the next major move in the crypto market.
