The U.S. Personal Consumption Expenditures (PCE) Index data, which was expected to be the week’s big macro event, fell short of expectations since the results were mostly in line with what the markets had previously factored in.
The financial expert Tedtalksmacro remarked,
“The trend is favorable to us, however, core is sticky for now – hovering at 4.6% since December,”
adding in Twitter comments that the most recent figures were “overall nothing to shock the market.”
The macro events of this coming week, which will be highlighted by the Federal Reserve’s interest rate decision, are gaining more and more attention.
Related: Bitcoin Price Rallies To $29.4K As Traders Gear Up For This Week’s CPI Print
According to a Twitter study, the probability of a second twenty-five bps rate increase in June is increasing, rising to twenty-eight percent.
“However, at least 2 rate cuts are expected this year. The Fed still has not said they support any rate cuts this year. Next week will be huge.”
At the time of writing, a 0.25% rate increase was 90% certain, up 5% from the day before, according to CME Group’s FedWatch Tool.
Jelle signaled the new trading range for BTC and USD with the possibility of a slow bleed to just below the twenty-nine thousand dollars.
#Bitcoin is establishing a new range here – seems like volatility will come down in the coming days.
Slow bleed towards 28.7 makes sense.
No need to get euphoric or scared, consolidation is a necessary part of market movement.
The long-term direction remains up, be patient. pic.twitter.com/rwil38uRkP
— Jelle (@CryptoJelleNL) April 28, 2023
Famous trader Rekt Capital enlarged the view, looking for a probable repetition of the last positive patterns that would indicate the conclusion of the bearish trend from the previous year.
Bitcoin already stopped its downward trend. The current focus is on keeping the new Uptrend. The question is whether a second test is necessary or not,” he tweeted on the 27th of April.
Source: Cointelegraph
