United

Bitcoin

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Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) headed lower at the March 14 Wall Street open after United States macro data offered a fresh inflation headache.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/53b43940-4922-4298-acf4-519c9d1de30a.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="ppi-boosts-higher-for-longer-fed-rate-bets">PPI boosts “higher for longer” Fed rate bets</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> tracked a swift BTC price descent from all-time highs to $71,200.
This took a matter of hours, with a rebound yet to kick in at the time of writing, leaving BTC/USD up to 3.3% down on the day.
U.S. Producer Price Index (PPI) numbers for February appeared not to help matters, coming in above expectations to underscore the persistent nature of elevated inflation.&nbsp;
PPI joined both jobless claims and the Consumer Price Index (CPI) print from two days prior in <a href="https://cointelegraph.com/news/bitcoin-drops-4-3-k-cpi-data-comes-hotter-than-expected">reinforcing a problematic landscape</a> for the Federal Reserve.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/4457b3ff-ec1e-4518-9ba4-4294610176cc.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source:&nbsp;<a href="https://twitter.com/tedtalksmacro/status/1768262697114911151" target="_blank" rel="noopener nofollow">@tedtalksmacro</a>
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Reacting on X, financial commentator Tedtalksmacro predicted that the Fed would keep interest rates “higher for longer” on the back of the data. 
The next meeting of the Federal Open Market Committee (FOMC), due to take place on March 20, was <a href="https://cointelegraph.com/news/bitcoin-us-ppi-miss-52k-fed-rate-cut-odds-fall">already slated not to produce a rate cut</a>.
“One thing I will say, although I believe macro to be secondary to institutional flows / clarity on crypto on what's driving this market right now,” he <a href="https://twitter.com/tedtalksmacro/status/1768265781211779578" target="_blank" rel="noopener nofollow">acknowledged</a> in part of a further post.
According to the latest estimates from CME Group’s FedWatch Tool, odds of a rate cut at the subsequent FOMC meeting in May <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener nofollow">stood</a> at just 6.2% at the time of writing.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/ec0b08e1-b0c9-4eaf-980c-07b239c1fa42.png" alt="" title="">
 <figcaption style="text-align: center;">
 Fed target rate probabilities. Source: CME Group
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<h2 data-ct-non-breakable="true" id="price-discovery-awaits-bitcoin-beyond-key-area">“Price discovery awaits” Bitcoin beyond key area</h2>
Considering the broader picture for BTC price action, popular trader and analyst Rekt Capital maintained an air of calm.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-up-1-800-after-2020-covid-19-btc-price-crash">Bitcoin is up 1,800% 4 years after the 2020 COVID-19 BTC price crash</a>
All-time highs, he suggested, were classic battlegrounds for both upward and downward volatility, and needed time to “resolve” before trend continuation.
“Whenever Bitcoin breaks it old All Time High, price doesn’t just enter an uninterrupted uptrend,” he <a href="https://twitter.com/rektcapital/status/1768291871544033487" target="_blank" rel="noopener nofollow">told</a> X followers alongside an illustrative chart. 
<blockquote data-ct-non-breakable="true">
 “Historically, $BTC has experienced lots of upside &amp; downside volatility around old ATHs. But once that volatility resolves itself... Price Discovery awaits.”
</blockquote>
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/4f02fdcd-0c15-45e4-9f4f-817ac2ea2731.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-week chart. Source: Rekt Capital on X
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Closer to home, fellow trader Jelle <a href="https://twitter.com/CryptoJelleNL/status/1768216895251939717" target="_blank" rel="noopener nofollow">argued</a> that current BTC price patterns see strength recover later on in the U.S. trading session, with weakness around the open.
“Bitcoin Has been seeing most of its volatility around the US Market Open hours,” trader Daan Crypto Trades initially <a href="https://twitter.com/DaanCrypto/status/1768216249077571845/photo/1" target="_blank" rel="noopener nofollow">wrote</a> about the phenomenon. 
<blockquote data-ct-non-breakable="true">
 “Especially the recent flushes are happening every time the market is open (and ETF trading goes live). The late US session and Asia session has seen us recover those flushes.”
</blockquote>
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/44b88f73-e258-4469-9d17-b615be556deb.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart with trading sessions marked. Source: Daan Crypto Trades on X
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price slips 3% as US macro data compounds inflation problem

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