Bitcoin retreated to around $72,000 following stronger-than-expected US inflation data. Data showed that the US February PPI rose 0.7% month-on-month and 3.4% year-on-year, both exceeding market expectations and continuing the recent upward trend in inflation. The data release came just hours before the Federal Reserve's interest rate decision. Although the market generally expects no rate adjustment, market volatility still depends on Chairman Jerome Powell's statements and policy guidance. Singapore-based trading firm QCP Capital pointed out that macroeconomic factors remain the dominant variable in the current market. As rising oil prices weaken expectations of rate cuts, the support of the interest rate environment for the crypto market is diminishing. Traders are generally becoming more cautious. Analyst Jelle stated that Bitcoin is currently still facing resistance below a key resistance level, and "caution is more prudent" before the FOMC meeting, warning of the risk of breaking through support. Some even believe the market is still in a bear market phase. (Cointelegraph)