The 3 catalysts that could define bitcoin's next move
Bitcoin's short-term price action is being influenced by upcoming U.S. economic data, including PCE inflation readings and Fed Chair Kevin Warsh's speech. Additionally, market sentiment is tied to Nvidia's earnings, reflecting a growing correlation between crypto assets and AI-sector performance.
Why it matters
Investors are closely watching macro-economic indicators and tech-sector earnings to gauge risk appetite for volatile assets like Bitcoin.
Bitcoin's BTC $ 78,808.48 next move depends on three important macro events lined up for the rest of the week.
The first is July's U.S. personal consumption expenditures (PCE) reading, the Fed's preferred inflation gauge, scheduled for release at 8:30 a.m. ET. According to FactSet's consensus forecasts, economists expect the core reading, which excludes food and energy, to come in at 3.2% year-on-year and 0.18% month-on-month, compared with 3.3% and 0.13% in June.
A hotter-than-expected print could revive concerns that Fed will raise interest rates and give BTC and the wider crypto market reason to decline. Bitcoin has already pulled back to under $79,000, with widely tracked technical indicators, such as the relative strength index (check the Daily Signal) pointing to overbought conditions following a seven-day surge to over $80,000.
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