Bitcoin Price Brushes off US Macro Data to Focus on Monthly Close
Bitcoin (BTC) remained relatively stable on November 30th despite fresh macro data coming out of the United States. With the Wall Street open looming, traders were focused on the monthly close of the leading cryptocurrency.
PCE Keeps Fed Pivot Pressure Alive
BTC’s price movements were contained within a narrow intraday range below the $38,000 mark. After a failed breakout the previous day, traders were eagerly awaiting the release of the Personal Consumption Expenditures (PCE) Index, a key gauge of inflation favored by the Federal Reserve.
However, at the time of writing, the PCE data had not caused significant volatility in the market, coming broadly in line with expectations. This reinforced the declining inflation narrative and raised questions about whether the Fed might now consider cutting interest rates. Financial commentary resource, The Kobeissi Letter, remained cautious, questioning the Fed’s potential pivot after the PCE results.
November BTC Price Gains Near 10%
As the market awaited the monthly close, Bitcoin was up nearly 10% for the month of November, marking the first positive eleventh month of the year since 2020. With the price sitting above $37,660, this would be the highest monthly close since May 2022. In contrast, November 2021 and 2022 saw declines of 7.1% and 16.2%, respectively.
Analysts and traders were closely watching Bitcoin’s relative strength index (RSI) readings, with popular trader Jelle highlighting a potential bullish setup on the chart. Jelle noted the building of a hidden bullish divergence and the breach of the RSI downtrend, signaling potential upward momentum. However, the monthly close would be crucial in confirming this bullish outlook.
Federal Policy and Market Expectations
Despite the PCE data, expectations for the Fed’s policy remained unchanged, with almost unanimous forecasts of a rate hike pause continuing into the next month. This resulted in Bitcoin market participants focusing more on the monthly close, with the potential for significant gains and a positive end to the year.
Investment Disclaimer
As always, it’s important to note that this article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
I have been writing about crypto for over two years. I have a vast amount of experience in the industry and my work has been featured on some of the biggest publications in the space.
