Data from the Personal Consumption Expenditures (PCE) index showed an uptick of 0.3% in February, which lower than the 0.5% increase seen in January. Economists had projected a rise of 0.4% and the PCE data suggests that inflation is gradually showing a decreasing trend.
Risky assets rallied in response to the data and some analysts expect the Federal Reserve to start cutting rates by the end of the year, The FedWatch Tool shows a 33% probability of a 50 basis point cut by December 2023.
The cryptocurrency space is trying to come out of a long bear phase. This has improved sentiment and analysts are focusing on the long-term prospects of cryptocurrencies and blockchain technology.
Citi said in its “Money, Tokens and Games” March report that the blockchain-based tokenization of real-world assets could soar to between $4 to $5 trillion by 2030. Although the lack of legal and regulatory framework, and the skepticism of industry players may pose a challenge in the short term, the investment bank believes they will be overcome eventually.
Could Bitcoin (BTC) and select altcoins extend their up-move or is it time for the rally to stall? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin price analysis
The bulls propelled Bitcoin above $29,000 on March 30 but the long wick on the candlestick shows that the bears have not yet given up and are selling on rallies
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Author: Rakesh Upadhyay
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