Bitcoin (BTC) hit an eight-day high on Wall Street on Friday as markets awaited key U.S. inflation data.
Main points:
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Bitcoin shows resilience despite macro market uncertainty with another push above $72,000.
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Key US inflation data raised the possibility of asset risk volatility.
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BTC price gains since the start of the Iran conflict have outperformed macro assets.
Trump demands Fed rate cut before PCE print
Data from TradingView showed BTC/USD breaking above $72,000 on Bitstamp for the first time since March 5.
Bitcoin declined despite global uncertainty over the Middle East conflict and its impact on oil supplies. The release of weekly US macro data was in line with expectations, reducing the risk of additional market volatility.
Friday is due to release the Personal Consumption Expenditure (PCE) Index for January – a key gauge known as the Federal Reserve’s “lead” gauge of inflation.
The previous edition of PCE exceeded the expected levels to reach the highest level since the end of 2023.
Despite the oil crisis threatening to increase inflationary forces, US President Donald Trump asked Fed Chairman Jerome Powell to ease policy.
“Federal Reserve Chairman Jerome” Too Late’ Powell, Where is Today? He should cut interest rates IMMEDIATELY and not wait for the next meeting,” he said in a post on Social Truth.
As Cointelegraph reported, the probability of a rate cut at the Fed’s March 18 meeting this week fell below 1%.
“Condemnation is building” for Bitcoin’s bullish crash
Among Bitcoin market participants, the focus has been on price stability amid macro chaos.
related to: Bitcoin’s ‘Very Accurate’ Macro Signal Puts $100K Target Back Into Play
“Bitcoin has remained surprisingly resilient after the latest geopolitical shock,” concluded onchain analytics platform Glassnode in the latest edition of its regular newsletter, The Week Onchain.
Glassnode shows options-market activity where traders are less concerned about short-term risk.
“The accumulation cluster is forming in the range of $62 to $72k. However, its intensity is modest compared to the previous stages that were before the sustained expansion,” it said in a message X on Thursday when analyzing the value of investors who hold BTC for six months or less.
“Confidence is building, but the foundations for a medium-term breakout remain tenuous.”
Others have noted that BTC/USD has outperformed other macro assets since the events in Iran began.
“Passing the geopolitical stress test,” said Joe Consorti, head of development at Bitcoin Equity firm Horizon.
Bitcoin has been the best performing major asset since last month’s attacks on Iran.
BTC is up 7.3%, the S&P 500 and Nasdaq are down 1-2%, gold is down 3.7% and silver is down over 10%.
Pass the geopolitical stress test. pic.twitter.com/vg2RvEh9OM
— Joe Consorti (@JoeConsorti) March 12, 2026
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