Bitcoin Stalls Around 70K After US Economic Data

Bitcoin is again moving within an uncertainty zone around 70,000 dollars. Behind this apparent stability, markets watch a key factor: U.S. monetary policy. The latest economic data released in the United States have cooled expectations of a rapid rate cut by the Federal Reserve. Thus, the probabilities of easing as early as March have almost evaporated. In this context, the crypto market enters a wait-and-see phase. Between macroeconomic signals and key technical levels, analysts now try to anticipate Bitcoin’s next direction.y

Bitcoin stabilizes around $70,000 after latest economic data

Bitcoin moves in a wait-and-see phase around the 70,000 dollar threshold, as markets digest several U.S. economic indicators and Strategy has just signed its biggest STRC day. The published data did not trigger a major market reaction but confirmed a still uncertain macroeconomic environment.

Here are the key elements observed by investors :

• Weekly initial unemployment claims in the United States reached 213,000 for the week ending March 7, a level consistent with market expectations ;

• Markets also reacted to the recent publication of the Consumer Price Index (CPI), also broadly aligned with analyst forecasts ;

• According to the CME Group’s FedWatch tool, the odds of a rate cut at the Federal Reserve meeting on March 18 have fallen below 1 %.

These macroeconomic elements have contributed to maintaining some caution in financial markets. The absence of an immediate monetary easing prospect reduces risk appetite, which partly explains Bitcoin’s stabilization within a relatively narrow price range. Investors now await clearer signals from the Federal Reserve before anticipating a new directional move in the crypto market.

Traders Monitor Bitcoin’s Key Technical Levels

In light of this macroeconomic uncertainty, traders’ attention turns to technical levels currently framing the market. Several analysts believe Bitcoin is moving within a well-defined consolidation zone likely to last for some time.

Trader Daan Crypto Trades sums up this situation by stating : “everything between these levels is likely to trap you in erratic movements… Consolidation zones like this can very well take several more weeks before resolving”. According to him, the current phase could therefore extend before a clear movement emerges.

Certain levels are particularly watched by investors. Analysts especially mention resistance around $72,000, while the $62,000 area acts as a major support likely to attract market liquidity.

Between these two bounds, Bitcoin moves within an equilibrium zone where buyers and sellers appear momentarily neutralized. Another important technical landmark is identified around $68,000, corresponding to a key volume point in the current market structure.

This equilibrium phase fuels debates on the current cycle’s dynamics. Some analysts remain cautious. Trader Rekt Capital believes that “Bitcoin will soon be halfway through its bear market”, suggesting the market could still be evolving within a longer corrective phase than expected.

According to his analysis, approximately 75% of the bear market correction has already been made. If this reading is confirmed, the current consolidation could represent a transition before a new volatility phase, either upward or downward, influenced by macroeconomic conditions and investor sentiment evolution.