Cryptocurrency Today: Bitcoin, Ethereum, and XRP Stabilize Ahead of US Consumer Price Index Inflation Data:

- US Consumer Price Index Data in Focus
It is expected that US consumer prices will rise by 2.4% year-over-year, the same rate recorded in January. The February CPI data is unlikely to be affected by the US-Iran war that began on February 28. However, investors are paying close attention to inflation data, as it could influence the Federal Reserve's decision on interest rates next Wednesday.

Typically, lower-than-expected CPI data may increase the likelihood of a rate cut, directing liquidity toward high-risk assets like stocks and Bitcoin. Nevertheless, the FedWatch tool shows a 99% probability that the Federal Reserve will keep interest rates unchanged.

- Bitcoin Price Drops Again Below $70,000:
Bitcoin is trading below $70,000 as of this report on Wednesday, facing downward pressure ahead of US CPI data release. The 50, 100, and 200-day exponential moving averages (EMAs), all trending downward and grouped together, indicate a prevailing bearish bias and form an upper resistance level that limits recovery.

If Bitcoin surpasses $70,000, the 50-day EMA at $73,024 could serve as immediate resistance.

The Moving Average Convergence Divergence (MACD) remains above its signal line and maintains a positive trend, with a slight positive chart indicating underlying bullish pressure. The Relative Strength Index (RSI) at 50 suggests a neutral to slightly positive trend.

BTC/USDT Chart Analysis (Binance)
Daily BTC/USDT Price Chart.

On the downside, the main support zone for Bitcoin is around $62,000.
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