Bitcoin (BTC) recrossed $80,000 into the Feb. 28 Wall Street open as analysis pointed to a March BTC price comeback.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD bouncing more than 5% from its latest multimonth lows of $78,197 on Bitstamp.

Bitcoin (BTC) price clocked in another slice of gains as it crossed back into the Feb. 28 Wall Street open at $82,000 on Friday.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

BTC price pushes past $82,000 on PCE relief

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD bouncing more than 5% from its latest multi-month lows of $78,197 on Bitstamp.

Ongoing selling pressure only eased as the latest US macroeconomic data conformed to expectations on inflation.

The January print of the Personal Consumption Expenditures (PCE) index, known to be the Federal Reserve’s “preferred” inflation gauge, came in at 0.3% and 2.5% month-on-month and year-on-year, respectively.

Markets immediately sensed relief after several recent overshoots in inflation data. In a boost to both risk assets and crypto, US dollar strength began falling from local highs of 107.45, a level not seen in two weeks.

US dollar index (DXY) 1-hour chart. Source: Cointelegraph/TradingView

“This marks the first decline in PCE inflation since September 2024,” trading resource The Kobeissi Letter wrote in part of a reaction on X.

Kobeissi described both the PCE and core PCE results as “constructive.”

“However, since the data was released, interest rate cut expectations are little changed, it added.

Fed target rate probabilities. Source: CME Group

The latest data from CME Group’s FedWatch Tool put the odds of a rate cut at the Fed’s March meeting at just 5.5% at the time of writing.

Macro tightening ‘fully reflected’ in $80,000 Bitcoin

Commenting on the impact that the macro climate could have on Bitcoin, Julien Bittel, head of macro research at Global Macro Investor, had good news for bulls.

Related: When will Bitcoin price bottom?

“Everything happening in markets right now, especially in crypto, is a direct consequence of the tightening of financial conditions in Q4 last year,” he argued in part of his latest X analysis on the day.

BTC/USD vs. GMI Financial Conditions index % performance. Source: Julien Bittel/X

Bittel suggested that the “scare” affecting markets would not last much longer.

“Here’s the thing: This will all reverse next month.”

Bitcoin at $80,000, he concluded, means tighter conditions were “fully reflected” in BTC price action.

“Everyone’s already on the same side of the trade – sentiment is extremely bearish, and Bitcoin is sitting at an RSI of 23, the most oversold level since August 2023,” he noted.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.