{"id":18047,"date":"2023-02-24T17:30:18","date_gmt":"2023-02-24T17:30:18","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-touches-23k-support-as-stocks-fall-on-hot-pce-data\/"},"modified":"2023-02-24T17:30:18","modified_gmt":"2023-02-24T17:30:18","slug":"bitcoin-touches-23k-support-as-stocks-fall-on-hot-pce-data","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-touches-23k-support-as-stocks-fall-on-hot-pce-data\/","title":{"rendered":"Bitcoin touches $23k support as stocks fall on hot PCE data"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1677259359955-234673b0-4acc-4b44-800e-364895c46486-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1677259359955-234673b0-4acc-4b44-800e-364895c46486-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1677259359955-234673b0-4acc-4b44-800e-364895c46486-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1677259359955-234673b0-4acc-4b44-800e-364895c46486-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Bitcoin and crypto prices fell as markets reacted to January PCE data.<\/li>\n<li dir=\"ltr\">The Fed\u2019s favourite inflation measure came in hot, jolting markets lower with S&amp;P 500 declining nearly 1.4% and Dow dropping about 400 points.<\/li>\n<li dir=\"ltr\">Crypto analyst Rekt Capital says BTC price remains in positive territory as long as bulls hold support above $23k.<\/li>\n<\/ul>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin price<\/a> continues to struggle after the rejection from the $25k resistance, but today\u2019s dip comes as the market reacts to hotter-than-expected Personal Consumer Expenditure (PCE) data.<\/p>\n<p dir=\"ltr\">As stocks got whacked on Friday, with the S&amp;P 500 falling nearly 1.5% and the Dow Jones Industrial Average dropping 400 points, BTC price retreated under $24k to hit lows of $23,130 across major exchanges.<\/p>\n<h2 dir=\"ltr\">Crypto, Wall Street drops on CPE data<\/h2>\n<p dir=\"ltr\">The CPE is the Federal Reserve\u2019s most preferred inflation measure and sentiment has shifted on the latest data release as investor jitters fill up again.\u00a0<\/p>\n<p dir=\"ltr\">The Fed uses the CPE price index to assess how sharply prices have risen within the US economy, and data shows prices spiked 0.6% in January and 5.4% year-over-year. Core CPE also came in hot, at 4.7% against the forecast 4.3% to suggest inflation remains an issue.<\/p>\n<p dir=\"ltr\">\u201c<em>Inflation remains too high. We\u2019re going to have to do more to get back to 2%<\/em>,\u201d said Cleveland Federal Reserve President Loretta Mester. \u201c<em>I<\/em><em>\u00a0see a little more impetus in the inflation measures than my colleagues. We\u2019re going to have to bring interest rates above 5% and hold there for a time<\/em>,\u201d she added during an <a href=\"https:\/\/twitter.com\/SquawkCNBC\/status\/1629109355642593281\" rel=\"noopener noreferrer\" target=\"_blank\">interview<\/a> with CNBC.<\/p>\n<h2 dir=\"ltr\">Bitcoin price outlook<\/h2>\n<p dir=\"ltr\">The reaction on Wall Street also cascaded into the crypto market, with BTC price declining below a key support line recently highlighted as a \u201cconfluent support zone.\u201d The uncertainty around the Fed\u2019s interest rates saw most stocks scorched in early trades, a scenario also replicated in crypto with Ethereum dropping below $1,600.<\/p>\n<p dir=\"ltr\">For Bitcoin\u2019s short-term price outlook, popular crypto trader and analyst Rekt Capital says bulls could remain in control if BTC holds above $23k. However, a bearish outlook would materialize if price breaks lower.<\/p>\n<p dir=\"ltr\">\u201c<em>BTC Weekly retest of the confluent area that is the Lower High and Monthly Range High resistance is now in progress. Price needs to hold here for the retest to be successful. However, Weekly Close below this area would be a bearish sign<\/em>,\u201d the analyst noted.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">A failed <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> Weekly retest of ~$23400 as support would mean that price remains inside the Monthly Macro Range<\/p>\n<p>Let&#8217;s see how the Monthly Closes<\/p>\n<p>1M Close above ~$23400 -&gt; likely range breakout<\/p>\n<p>1M Close below -&gt; <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> stays in &amp; range &amp; could dip lower in range<a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/xTAqH7pVlm\">pic.twitter.com\/xTAqH7pVlm<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a href=\"https:\/\/twitter.com\/rektcapital\/status\/1629160644392910849?ref_src=twsrc%5Etfw\">February 24, 2023<\/a><\/p>\n<\/blockquote>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-bounces-off-23k-support-as-stocks-fall-on-hot-pce-data\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitcoin and crypto prices fell as markets reacted to January PCE data. The Fed\u2019s favourite inflation measure came in hot, jolting markets lower with S&amp;P 500 declining nearly 1.4% and Dow dropping about 400 points. Crypto analyst Rekt Capital says BTC price remains [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":18048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18047"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=18047"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18047\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/18048"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=18047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=18047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=18047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}