Analysts Maintain Bitcoin Target at $80,000, PCE Inflation Data Boosts Market Sentiment

Odaily News According to the latest US PCE inflation data, which largely met expectations and alleviated market uncertainty, Bitcoin's price has stabilized after previously touching around $73,000. Data shows that the year-on-year core PCE for February was 3%, and the month-on-month figure was 0.4%. The market was also influenced by easing tensions between the US and Iran, but analysis points out that the current PCE data does not yet reflect potential energy price shocks. Although the inflation data did not trigger significant market fluctuations, investors remain cautious about expectations for a Federal Reserve rate cut within the year.

Economist Mohamed El-Erian stated that compared to PCE, the CPI data to be released this week is more critical for the market, especially against the backdrop of oil price volatility. On the trading front, the market remains within a consolidation range, with liquidity mainly concentrated between $69,000 and $76,000. Trader Michaël van de Poppe believes that as long as key support levels hold, Bitcoin has the potential to initiate a new upward trend, targeting $80,000. (Cointelegraph)