Bitcoin rises on inflation easing hopes

Experts "US PCE on the 28th Will Be Below Market Expectations"
BTC and Altcoins Rise with Asset Market
Many Crypto Experts "BTC Will Rebound After PCE Announcement"

Bitcoin (BTC) rose on the 26th amid expectations of trade war easing comments by Trump and ahead of major US economic indicator announcements.

On the 24th (local time), President Trump said at a White House press conference, "We can give exemptions to many countries" and "When the relationship is mutual, we can show better steps".

The US Department of Commerce will release the Core Personal Consumption Expenditures (PCE) price index on the 28th (local time), which is the most trusted inflation indicator by the Federal Reserve. Many experts claimed February inflation easing, and with expectations that PCE would ease market expectations, asset markets rose slightly, and the cryptocurrency market showed a similar trend.

Bitcoin rose by about 1.4%, and many altcoins rose by more than 2%.

◇Bitcoin = As of 4 PM on the 26th, the Bitcoin price on Upbit was 129.6 million won. Bitcoin's dominance was 61.48%.

According to on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market was 48.61% and 51.39%, respectively.

Many experts expressed the opinion that Bitcoin would resume its rally from the PCE announcement.

Singapore crypto analysis firm QCP Group explained in a report released on the 26th, "Trump's comments to major trading partners eased market anxiety, and over $100,000 in open interest is bet in the crypto futures market" and "The catalyst for a rally could be the PCE indicator announcement".

Crypto expert Timothy Peterson also predicted that Bitcoin would soon rebound.

Based on Bitcoin's price over 10 years, he set upper and lower limits, emphasizing, "Current Bitcoin is staying at the lower 25% threshold, and the probability of rebounding from here is 75%".

◇Rising Coins = As of 4 PM on the 26th on Upbit, Shiba Inu (SHIB) rose by about 10%, the largest increase compared to the previous trading day.

Shiba Inu is a representative 'meme coin' that was initially issued with 1000 trillion coins and is no longer being issued. Currently, it is being distributed in a decentralized manner through a series of distribution processes.

◇Fear and Greed Index = The digital asset Fear-Greed index provided by Alternative is at 47 points, entering the 'Neutral' stage. The neutral stage is a section where psychological resistance and support of market participants appear, and important decision-making occurs in future price movements.

The Relative Strength Index (RSI) for cryptocurrencies provided by Sigbit was recorded at 62.6, in a 'neutral' state. RSI determines the relative strength between upward and downward pressure of a specific asset price and is an indicator showing the overbought and oversold scales of a specific asset.

Reporter Seung-won Kwon ksw@blockstreet.co.kr