September Fed interest-rate increase is 'very unlikely,' Goldman Sachs says

That's how Goldman Sachs described the chances of a September Federal Reserve interest-rate increase, which provides a potential major tailwind for bitcoin BTC $ 63,580.80 , which has traded in a narrow range since early July.

The cryptocurrency is currently priced around $63,500, a 1% gain since midnight UTC. The price has remained firmly locked within the $62,000–$66,000 range that has been in play for over a month.

Goldman lowered the odds in response to a string of soft economic data, specifically retail sales, a key barometer of consumption, and employment figures alongside slowing inflation, Chief Economist Jan Hatzius told clients, according to Bloomberg .

"Under our baseline economic forecasts, the inflation news is more likely to improve further than to deteriorate anew as the year progresses," Hatzius wrote in a note Sunday. "We still think market pricing for the funds rate is too hawkish."