Bitcoin price action saw in the last few hours a significant pullback to the $69,000 area, behavior that from my point of view is healthy since in this bull cycle the price action has developed a different escalation than previous ones, so seeing corrections is part of the process.
In information released by William Suberg, "BTC price strength falters on release of troubling U.S. inflation data as traders ignore Bitcoin's moves around record highs."
It is important to know that, "US Producer Price Index (PPI) figures for February did not appear to help, coming in above expectations to underscore the persistent nature of elevated inflation"
It is worth noting that, "The upcoming Federal Open Market Committee (FOMC) meeting on March 20 was already scheduled to not produce a rate cut", this meeting is of utmost relevance to be able to project what direction the Bitcoin price will take prior to Halving.
One thing I agree with is what Tedtalksmacro popular trader and analyst Rekt Capital stated "Historical highs, he suggested, are classic battlegrounds for both bullish and bearish volatility, and need time to "settle" before trend continuation."
SOURCES CONSULTED
Cointelegraph. Bitcoin adoption: Which other countries could follow El Salvador's example?. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
