Despite United States inflation data beating expectations, the price of Bitcoin (BTC) remained within its range on July 28 Wall Street open.
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Fed’s “preferred” inflation metric suggests weakening pressure
Cointelegraph Markets Pro and TradingView data showed that the Personal Consumption Expenditures (PCE) Index figure was lower than expected, signifying that inflation in the U.S. was on the decline in line with other figures from the week.
The Kobeissi Letter, a financial commentary resource, pointed out that PCE is the Federal Reserve’s “preferred” inflation gauge, as previously disclosed by Chair Jerome Powell. They commented on social media: “PCE inflation is now at its lowest since April 2021. The Fed may finally have inflation under control.”
Despite the July 26 Fed interest rate increase and the July 27 U.S. Q2 gross domestic product (GDP) estimate, Bitcoin’s price action remained steady between $29,000 and $29,500.
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Bitcoin remains beneath bulls’ resistance level
Traders still had an inclination for a BTC price decrease, with the $30,000 resistance staying in place for over a week.
Famous trader Crypto Tony affirmed that he was still short BTC beneath $29,600.
“I anticipate further decrease to $28,000 in the end, however, we could remain in this range for a short while before the drop,” he revealed to his X followers.
Daan Crypto Trades, another trader, put emphasis on the loss of the local range concentrated on the $30,000 mark.
“Considering the fact that Bitcoin Rejecting from the earlier range, I think it is reasonable to anticipate low $28Ks,” he argued.
Michaël van de Poppe, founder and CEO of trading firm Eight, then noticed what he called “deviation” on the daily BTC/USD chart — something that happened in February and was followed by an upward rebound.
Van de Poppe additionally asked if the weekend, with its lower liquidity and more possibilities for volatile movement, could bring about a “classic” comeback.
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