Bitcoin, $80,000 Rosy Outlook is False... "Relief Rally is Now Over"

▲ Bitcoin (BTC)

The price of Bitcoin (BTC) is showing a stable trend, maintaining the $71,000 level after the announcement of the US Personal Consumption Expenditures (PCE) price data. According to CoinTelegraph, Bitcoin is continuing its relief rally without significant volatility as the PCE index, one of the major economic indicators scheduled for this week, met market expectations.

According to data released by the US Department of Commerce's Bureau of Economic Analysis (BEA), the core PCE price index rose 3% year-on-year in February. It increased by 0.4% month-on-month. Investment service firm The Kobeissi Letter noted that this indicator is the last data before reflecting the conflict between the US and Iran or the oil supply chain crisis.

Economist Mohamed El-Erian placed greater emphasis on the upcoming Consumer Price Index (CPI) announcement, which will contain March's inflation situation, rather than the February PCE figures. El-Erian analyzed that the CPI results, which directly reflect oil price volatility, will play a decisive role in the Federal Reserve's (Fed) future monetary policy decisions.

Virtual asset market experts are leaning towards the possibility of further increases in Bitcoin. Trader Michaël Van de Poppe predicted that if Bitcoin stably maintains its current price range, it could enter a new upward phase, rising to $80,000. Anonymous trader LP diagnosed that significant liquidity has formed above $73,000 and $76,000, and if the support level of $68,000 to $69,000 is maintained, attempts at an upward breakout will continue.

Currently, the market is focusing on the impact of the upcoming CPI results amid the calm after the PCE announcement. Expectations for interest rate cuts in 2026 remain low on the Chicago Mercantile Exchange (CME) FedWatch tool, making it necessary to closely monitor price movements based on macroeconomic variables.

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