Bitcoin’s price is testing the $74,000 level following the release of U.S. PCE inflation data. The figures, which matched market expectations, have eased investor concerns and supported risk assets. Michaël van de Poppe suggests key resistance lies between $76,000 and $79,000, but other traders like Trader Roman warn of a potential bearish retest. Analysts are closely watching technical indicators such as the 50-day SMA and open interest for signs of the market’s next directional move.
Bitcoin reached fresh local highs near $74,000 after the latest U.S. Personal Consumption Expenditures data aligned with forecasts. The 0.3% monthly and 3.1% annual readings bolstered investor sentiment across risk assets.
Crypto investor Michaël van de Poppe indicates that the resistance region for Bitcoin is in the interval of $76-79K, and if this level is broken, he anticipates more strength in the altcoin markets. Traders remain divided on the market’s short-term trajectory, with some expecting further strength.
Conversely, some analysts warn of a potential downturn. Trader Roman interprets the current price action as a bearish retest, citing RSI divergences. Analyst Filbfilb also notes that a decline in open interest could signal an end to the current upward push.
Key technical levels include Bitcoin’s 50-day simple moving average, which is being tested as a major resistance area. A failure to break above this level could prompt a significant market pullback, according to some traders’ assessments.
