Bitcoin continues to decline due to the inability to surpass the $89,000 resistance level. The latest U.S. Personal Consumption Expenditures (PCE) data has heightened market concerns.
Current Bitcoin Situation
Bitcoin's price has fallen below $85,000 today, recording a 2% daily loss. This drop occurred after an unsuccessful attempt to break the $89,000 resistance level. The upward momentum that began on Monday has halted, causing disappointment among investors.
Understanding U.S. PCE Data
The Personal Consumption Expenditures (PCE) data is a key inflation indicator closely monitored by the Federal Reserve. Today, gold prices surged due to anticipation over the PCE data and concerns about the long-term economic effects of tariffs. Meanwhile, this situation has negatively impacted cryptocurrencies.
Expected Clarity on April 2
The day when much will become clear is April 2, with retaliatory actions from other countries expected to ensure a clearer picture within the next 48 hours. A brief overview of the PCE data shows that expectations and previous announcements indicated 2.5% while the core figure reached 2.8%, up from 2.6%.
With data exceeding expectations, the anticipation of a downturn in the cryptocurrency market has become apparent. As stock markets open, the decline may gain momentum in the coming hours. It is important to remain vigilant, despite a slim chance of an unexpected rally.
