Bitcoin Stalls at $78.5K Ahead of Crucial Rate Decision
The cryptocurrency market is in a state of uncertainty as Bitcoin (BTC) hovers around the $78.5K level, just shy of the desired ~$79K mark.
This has left many investors wondering whether the bull run will be confirmed. According to John from Milk Road, BTC needs to hold this level by Sunday's close before he'll call the bull run confirmed.
The uncertainty in price can be attributed to macroeconomic factors, particularly the release of new PPI data showing a reacceleration in August to +0.4% for the month. This is a concern because it could lead to a rate hike, which would drag market momentum back toward zero.
However, John is not concerned about inflation or rate hikes and believes that the economy underneath all this is doing just fine. Payrolls came in at 162K against a 53K consensus, and GDPNow has Q3 at 4.7%.