Bitcoin Drops Below 200-Day Moving Average Amid Inflation Concerns
Bitcoin's price has tumbled below its 200-day moving average following the release of the latest Personal Consumption Expenditures (PCE) data, signaling potential further declines amid tightening macroeconomic conditions. The February PCE index met expectations at 2.5%, but the Core PCE, excluding volatile food and energy costs, rose to 2.8%, surpassing the forecasted 2.7%. This uptick suggests inflation's persistence, contrary to recent optimism that it might be waning.
The Federal Reserve, which prioritizes PCE over other inflation metrics like CPI, is likely to maintain its cautious stance, diminishing hopes for a dovish policy shift. Bitcoin, sensitive to liquidity conditions, faces headwinds as tighter monetary policies prevail. The break below the 200-day moving average may indicate further downside unless inflation cools, highlighting Bitcoin's vulnerability to broader economic trends.
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