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Bitcoin (BTC) Loses Crucial 200-Day Moving Average Amid Inflation Report
The recent inflation report has brought a stark reality to the cryptocurrency market. As the data suggests, the price of Bitcoin (BTC) has lost its hold on the crucial 200-day moving average.
According to reports, the PCE index rose 2.8% in March, a significant increase that is far from the target levels set by the Federal Reserve. This unexpected turn of events has sent shockwaves throughout the market, causing investors to reassess their positions and expectations.
The data also suggests that the persistence of inflationary pressures may be more severe than initially thought, further reinforcing the notion that the Federal Reserve will not make any dovish shifts in the near future.
As a result, Bitcoin (BTC) has taken a hit, losing its grip on the 200-day moving average. This is a crucial indicator for investors and analysts alike, as it provides valuable insights into market sentiment and momentum.
This unexpected turn of events has caused widespread concern within the cryptocurrency community, with many calling it an ominous sign that could have far-reaching implications for the overall market.
What does this mean for Bitcoin (BTC) and its price action?
Source: https://u.today/bitcoin-btc-loses-crucial-200-day-moving-average-amid-inflation-report
