Bitcoin Price Hinges on Upcoming Macro Events
The crypto market is looking ahead to several key macroeconomic events over the next five days that could impact Bitcoin's price.
On Wednesday, the Bureau of Economic Analysis will release July's Personal Consumption Expenditures (PCE) Price Index and core PCE at 8:30 ET. Economists expect core PCE to rise slightly month-over-month and 3.2% annually, which would leave underlying inflation higher than the Fed's 2% objective.
This reading could strengthen expectations that US interest rates will remain elevated or even rise again, potentially pushing Treasury yields and the dollar higher. In contrast, a softer reading would likely have the opposite effect by reducing pressure on the Fed to tighten monetary policy further.
The same day, the second estimate of US GDP for Q2 will be released, showing annualized growth of just 1.5%, down significantly from 2.1% during Q1.