Bitcoin (BTC<\/a>) stayed lower at the Feb. 24 Wall Street open as United States macroeconomic data showed inflation biting back.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed BTC\/USD as it traded in a narrowing range around $23,800.<\/p>\n The pair attempted to reclaim $24,500 the day prior, but it ultimately proved unsuccessful, as resistance kept gains in check.<\/p>\n Bitcoin nonetheless saw only a muted reaction to the latest U.S. Personal Consumption Expenditures (PCE) index print, which was 4.7% instead of the 4.3% forecast \u2014 suggesting that inflation was not ebbing as quickly as hoped.<\/p>\n For popular commentator Tedtalksmacro, this will cause the Federal Reserve to consider a larger interest rate hike at its March meeting \u2014 a potential headwind for risk assets including crypto.<\/p>\n \u201cHere comes the speculation of 50bps in March,\u201d he argued<\/a> in part of a Twitter reaction.<\/p>\n Focusing on BTC\/USD itself, Cointelegraph contributor Micha\u00ebl van de Poppe, meanwhile, remained upbeat on the short-term prospects.<\/p>\n \u201cThe markets are still having a regular correction inside an uptrend,\u201d he wrote<\/a> alongside a chart with significant levels highlighted. <\/p>\n \u201cAs long as Bitcoin remains above $22K, this would be sufficient to expect continuation towards $25K+.\u201d<\/p><\/blockquote>\n Monitoring resource Material Indicators highlighted<\/a> resistance on the Binance order book laddered above the spot price, with the most support at $23,000.<\/p>\n Popular trader and analyst Rekt Capital additionally showed that BTC\/USD was attempting to hold a trend line recently flipped to support on intraday timeframes.<\/p>\n \u201cThere hasn’t been a 3rd consecutive retest yet but BTC is still holding above the Lower High resistance,\u201d he tweeted<\/a>. <\/p>\n \u201cIf this price stability continues here, one could make the argument that price is slowing in the sell-side momentum against this new Lower High support.\u201d<\/p><\/blockquote>\n U.S. stock took a more pronounced tumble on the PCE print, with the S&P 500 and Nasdaq Composite Index down 1.4% and 1.7%, respectively, at the time of writing.<\/p>\n Related:\u00a0Bitcoin must leverage $1T central bank liquidity to beat sellers \u2014 Research<\/a><\/em><\/strong><\/p>\n A welcome boost was had by the U.S. Dollar Index (DXY), which climbed to 105.3 on the day, its highest since Jan. 6.<\/p>\n DXY weakness characterized much of the January crypto comeback, which reversed in February in line with increased difficulty faced by Bitcoin bulls keen to hold on to 50%+ gains.<\/p>\n \u201cThe U.S. Dollar Index #DXY moves further into the 200-day moving average cloud,\u201d Caleb Franzen, senior market analyst at Cubic Analytics, wrote<\/a> in part of a Twitter summary.<\/p>\n Franzen added that the DXY \u201ccould see more upside within this range, but the entire range is potential resistance.\u201d<\/p>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/2c0988cf-e2ac-45e1-8914-cdcb13c02625.png\")
PCE sparks fresh doubts on inflation<\/h2>\n
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U.S. dollar challenges 2023 high<\/h2>\n
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