Bitcoin rose to eight-day highs into Friday’s Wall Street open, pushing above $72,000 for the first time since March 5 as traders waited for the US Personal Consumption Expenditures (PCE) Index.
Price breaks $72k as markets watch inflation
BTC/USD climbed past $72,000 on Bitstamp while broader markets weighed geopolitical uncertainty tied to the Middle East and potential oil-supply disruption.
Friday’s PCE release for January was in focus, described as the Federal Reserve’s “preferred” inflation gauge.
Trump renews pressure on Powell
US President Donald Trump called for immediate rate cuts ahead of the data.
Trump wrote on Truth Social:
“Where is the Federal Reserve Chairman, Jerome ‘Too Late’ Powell, today? He should be dropping Interest Rates, IMMEDIATELY, not waiting for the next meeting,”
Odds of a rate cut at the Fed’s March 18 meeting fell below 1% this week, according to CME’s FedWatch.
Glassnode sees modest accumulation zone
Glassnode said bitcoin has stayed “surprisingly resilient” after the geopolitical shock, pointing to options-market behavior suggesting less concern about near-term risk.
It also flagged an accumulation cluster forming between $62,000 and $72,000.
Glassnode added:
“Conviction is building, but the foundation for a mid-term breakout remains thin so far.”
Bitcoin outperforms major assets since Iran strikes
Joe Consorti, head of growth at Bitcoin equity company Horizon, said bitcoin has led major assets since last month’s strikes on Iran.
Consorti wrote:
“Bitcoin is the best-performing major asset since last month’s strikes on Iran. BTC is up 7.3%, the S&P 500 and Nasdaq are down 1-2%, gold is down 3.7%, and silver is down over 10%. Passing the geopolitical stress test.”
