Bitcoin price continued its upward move on Friday as traders reacted to fresh U.S. inflation data. As of press time, the BTC price traded near $73,800, marking a gain of nearly 5% over the previous 24 hours. Much of the price increase came after comments from U.S. Treasury Secretary Scott Bessent. He said the administration was taking steps to limit rising oil prices. The move followed a breakout above the $71,800 resistance level observed earlier this week. Market participants now watch whether Bitcoin can maintain momentum toward higher technical levels. Source: X Several analysts pointed to a potential short-term target near $75,400 based on Fibonacci retracement levels. Some technical traders also noted that the broader market structure still lacks confirmation of a long-term bottom. Crypto analyst Tara from PrecisionTrade wrote on X, “BTC just broke above the $71.8k resistance and is most likely targeting that missed fib around $75.4k.” PCE Inflation Data Shows Persistent Price Pressures New economic data from the U.S. Commerce Department showed that inflation remains firm. The Personal Consumption Expenditures price index rose 0.3% in January. The core PCE index, which excludes food and energy, increased 0.4%. On an annual basis, core PCE reached 3.1%. The Federal Reserve monitors this measure closely because it guides its 2% inflation target. The latest data showed that inflation remained above that objective. Consumer spending also rose 0.4% in January. Economists surveyed expected a smaller increase of 0.3%. Spending accounts for more than two-thirds of U.S. economic activity. However, other indicators showed weaker momentum in business investment and overall growth. Core capital goods orders remained unchanged during the month. Shipments of those goods declined 0.1%. Economic Slowdown Concerns Appear Alongside Rising Prices Revised economic figures also showed slower growth in the fourth quarter. Gross domestic product expanded at an annualized rate of 0.7%. Earlier estimates placed growth near 1.4%. The slowdown followed a stronger expansion of 4.4% recorded during the third quarter. Higher energy prices have added further pressure on the economy. Retail gasoline prices increased by more than 20% to about $3.60 per gallon since the Middle East conflict began. Economists now warn that rising costs and weaker exports could slow economic activity in the coming months. Kathy Bostjancic, chief economist at Nationwide, said inflation could rise while growth weakens. “We now see a steep rise in inflation and weaker economic activity in the second quarter,” she said. Will the Federal Reserve Keep Rates Unchanged? Financial markets now expect the Federal Reserve to keep interest rates steady in the near term. The central bank’s benchmark rate currently stands between 3.50% and 3.75%. Many economists believe the Fed will maintain this range during the next policy meeting. Futures markets currently price in only one potential rate cut later this year. September appears to be the most likely window for policy easing. Persistent inflation reduces the probability of earlier rate reductions. However, US president Donald Trump has called for an emergency rate cut from the Federal Reserve. In a Truth Social post, he urged Fed Chair Jerome Powell to lower rates immediately instead of waiting for the next meeting. Source: TruthSocial The next Federal Open Market Committee meeting will take place next week. However, the CME FedWatch data shows a 99.2% probability that the Fed will keep rates unchanged.