Bitcoin Price Trapped Between $62K and $65K as Fed Hawks Gain Momentum
The Bitcoin price is pinned between $62,200 and $65,000 after the release of the ISM Manufacturing PMI, which beat expectations. The report showed a strong growth in new orders and employment, with prices paid remaining high at 71.1. This has increased pressure on the Federal Reserve to tighten monetary policy.
The Federal Open Market Committee's decision to hold rates steady was split 9-3, with three officials voting for an immediate hike. The strong economic data will likely give more ammunition to these hawks in their push for rate hikes.
Several key events this week could impact the Bitcoin price, including the JOLTS report on Tuesday, which measures labor market conditions. If openings soften while hires remain steady, it would suggest a cooling jobs market and lean on the $62,200 floor.
A strong reading in ISM Services on Wednesday, combined with elevated prices, would close off any hope of a dovish surprise. A soft employment print, even with headline strength intact, could open a path back toward $65,000.