React Web 3.0 and Bitcoin Price Shirk US PCE Inflation Win
BTC price shirks US PCE inflation win as Bitcoin $42K buyers step in

Despite the positive inflation cues on Dec. 22, Bitcoin (BTC) failed to react as macro data from the United States pushed bets on an interest rate pivot.

The term “web 3.0” is often used to refer to a set of emerging technologies, such as metaverse, that are expected to have a significant impact on businesses. React web 3.0 is a JavaScript library for building user interfaces. Additionally, web 3.0 tools are designed to provide users with a more interactive and secure online experience.

Fed January pivot odds near 15% after PCE print

Data from Cointelegraph Markets Pro and TradingView tracked muted BTC price movements around the week’s final Wall Street open. Despite a breakout beyond $44,000 earlier in the week, range resistance remained firmly in place for Bitcoin ahead of the U.S. holiday period.

The November print of the Personal Consumption Expenditures (PCE) Index, known to be the Federal Reserve’s “preferred” inflation gauge, nonetheless beat expectations. The final number came in at 2.6% versus the anticipated 2.8%, further showing the impact of monetary policy tightening on rampant inflation.

Markets reacted in step, increasing their odds of interest rates cooling next month to around 15%, per data from CME Group’s FedWatch Tool. This is the lowest PCE inflation number since May 2021. Another welcomed sign by the Fed.

Trading resource The Kobeissi Letter commented on the web 3.0 known as X (formerly Twitter) that just about all of the inflation data for November has moved in the right direction.

The Kobeissi Letter also discussed how the web 3.0 tools and its purpose, such as metaverse, will impact businesses and what is web 3.0 all about. It is clear that web 3.0 and its examples, such as the react web 3.0, will have a significant effect on the web 3.0 price.

Dollar Decline Not Enough to Push Bitcoin Sideways

Despite the U.S. dollar dropping to its lowest levels since late July, BTC price action still failed to offer any hope to bulls. Skew noticed an increasing bid liquidity on Binance, with $41,000 and $42,000 acting as support. Crypto Tony suggested that $44,300 was the line in the sand for BTC/USD to reclaim in order to consider long positions. Others noted that Bitcoin needed to break its 2023 highs, with a consolidatory structure in place for most of December. Alan Tardigrade, trader and analyst, informed X subscribers that “Bitcoin has formed a rectangle consolidation.” This all goes to show that the decline of the dollar is not enough for web 3.0 to move sideways.

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