“Bitcoin enjoyed a decent bounce on Tuesday despite the fact that Broad market sentiment was more challenging on the back of the US inflation report”, explained Craig Erlam, senior market analyst at Oanda at Bolsamanía. This expert points out that “resistance” continues to be observed in ‘cryptos’, which is “very encouraging despite the fact that the headlines on regulation are not particularly good”.
“Of course, it has now pulled back to a level that was a notable support zone in late January/early February before it corrected and we will soon see if it has turned into a bearish resistance zone or if the corrective move has run its course. “, Add.
Oxford Economics experts believe that the inflation data will not sit well with the Federal Reserve (Fed), since “it was stronger than we expected.” “This, together with the tight labor market and the net easing in financial market conditions, may justify a change in our forecast for the federal funds rate,” they explained, while noting that Placing the Fed’s terminal rate at 5.25% “would be broadly consistent with financial market expectations”.
In turn, analysts at Pantheon Macroeconomics estimate that this report “will not change anyone’s opinion on the inflation outlook”. “Both hawks and doves will find something to note. does not change the very high probability of a 25 basis point hike in March and says nothing about Maythat is very far ”, they emphasize. And reality has not taken long to prove them right.
Source: Ambito
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