Following the release of Personal Consumption Expenditures (PCE) data, the Bitcoin price has grown, surpassing the $86,000 mark with a return of bullish sentiments to the market. The PCE data indicated that inflation did not raise significant concerns, and the market was expecting higher figures. According to the US Economic Analysis Office, the PCE price index has increased by 2.5% in January compared to last year. Additionally, the core PCE price index, excluding food and energy, has shown a growth of 2.6%. These statistics show a decrease in the inflation rate compared to December, with only a 0.3% increase from December to January, aligning with predictions. While these data have brought relative calm to the market, there is still a significant gap from the Federal Reserve’s 2% target, potentially necessitating a reevaluation of interest rate policies. At the time of writing this news, Bitcoin is trading around $86,185 with a 7.95% increase in the past 24 hours. Despite previous analyses suggesting a potential drop to $75,000, a sudden surge has led analysts to doubt reaching such a low price. Currently, the Relative Strength Index (RSI) on the 4-hour timeframe is at 47.77, indicating a likelihood of further price growth. Despite market fluctuations, the possibility of Bitcoin price increase remains high. Among these, BlackRock ETF has added Bitcoin to its investment portfolio, signaling market sentiment improvement. Companies like Square also continue to hold onto their Bitcoins, increasing demand. Some analysts consider Bitcoin price corrections as natural and believe this digital currency can reach $90,000. You can monitor the live prices of all tokens and cryptocurrencies on the momentary price page.
