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Bitcoin Holds $29K amid U.S. PCE Data and 90% Fed Rate Hike Bets

Bitcoin maintained a choppy trend around $29,000 during the Wall Street opening on April 28, as U.S. macro data aligned with market predictions. BTC/USD hovered close to the $29,000 mark on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.


U.S. PCE Index Data Fails to Shock the Market

The U.S. Personal Consumption Expenditures (PCE) Index data, considered the week's major macro event, did not serve as a performance catalyst as figures were mostly in line with market expectations. Financial commentator Tedtalksmacro stated on Twitter that the latest numbers were "overall nothing to shock the market."

Limited Impact on U.S. Equities and Bitcoin

U.S. equities showed minimal movement at the opening, while Binance order book data displayed modest bid liquidity moving towards the spot price for Bitcoin, reducing potential volatility. The focus shifted to the upcoming week's macro events, primarily the Federal Reserve interest rate decision.

Odds of June Rate Hike Increase Following PCE Data

The Kobeissi Letter, a financial commentary resource, observed that the odds of a further rate hike strengthened after the PCE data release. A 0.25% rate hike had a 90% probability, according to CME Group's FedWatch Tool, up 5% from the previous day.

Traders Concentrate on Bitcoin's Long-Term Trend

As Bitcoin's price action remained uncertain, traders focused on its longer-term direction. Analysts like Jelle and Rekt Capital predicted a new trading range for BTC/USD and a potential continuation of historical bullish trends to confirm the end of last year's bearish trend.