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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/crypto-markets-react-to-recent-macroeconomic-data/" data-wpel-link="internal">Crypto Markets React to Recent Macroeconomic Data</a> 
Crypto investors have seen the impact of macroeconomic developments on prices during the challenging bear market of the past month. Data indicating the current state of the US economy continues to arrive and cause fluctuations in cryptocurrencies. So, what are market experts saying about cryptocurrencies in light of the latest data? 
<h2 style="text-align: justify" id="cryptocurrencies-and-macroeconomic-data">Cryptocurrencies and Macroeconomic Data</h2> 
<a href="https://en.coin-turk.com/bitcoin-surges-past-46000-as-etfs-witness-major-inflows/" data-wpel-link="internal">Bitcoin</a>‘s price, at the time of writing, continues to find buyers above $51,800. The price has anchored below the $52,300 resistance following better-than-expected macroeconomic data. Previously, cryptocurrencies experienced a significant drop when January’s inflation data came in worse than expected, but they managed to recover. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-315806 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/Mart-Faiz-Tahmini.png" alt="" width="1201" height="601"> 
Just two days after the Consumer Price Index (CPI) report, January’s Producer Price Index (PPI) came in 0.3% above market forecasts, clearly increasing the pressure of inflation on us. FedWatch, which measures the market’s interest rate expectations, shows that the probability of a rate cut at the March meeting has dropped to 8.5%. At the beginning of January, this percentage was around 80. 
<h2 style="text-align: justify" id="what-s-next-for-cryptocurrencies">What’s Next for Cryptocurrencies?</h2> 
The Kobeissi Letter, in its latest market assessment shared on <a href="https://newslinker.co/category/social-media/" data-wpel-link="exclude">social media</a>, stated that the possibility of a rate cut in March has completely disappeared. This indicates that we continue to move towards the Fed’s scenario of a maximum 75 basis points cut for the year. 
Crypto analyst Skew pointed out the four-hour chart’s moving average at $51,000 and wrote: 
<blockquote> 
 “Here, there is volatile price movement with many inside bar closings within the same intraday balance, usually a fake breakout occurs before the real expansion movement.” 
</blockquote> 
Many experts have been warning about a potential market correction for days and say that the continuous uptrend may soon end. On the other hand, the most important thing for us these days is ETF inflows, where the data from February 15th indicates a net inflow of half a billion dollars. So, we still see supportive data for an ETF-backed rise. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-315807 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/BTC-Fiyat-Dususu.jpg" alt="" width="1205" height="742"> 
Venturefounder from CryptoQuant highlighted this issue and warned that with the normalization of ETF inflows, we could see a 20-30% drop in Bitcoin’s price. This is tantalizing news for bears expecting a drop to $34,000. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/crypto-markets-react-to-recent-macroeconomic-data/" data-wpel-link="internal">Crypto Markets React to Recent Macroeconomic Data</a></h5>

Crypto Markets React to Recent Macroeconomic Data

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