Bitcoin Waits on Macroeconomic Shocks as Inflation Data Looms
The cryptocurrency market is currently bracing for several macroeconomic events that could impact Bitcoin's price. According to CryptoRank, Bitcoin needs the outcomes of upcoming events to be no worse than the assumptions already priced into rates, oil, and policy-probability markets.
Despite Brent crude reaching above $100, the US 10-year Treasury yield at 4.80% on Sept. 8, and futures traders leaning toward another Federal Reserve rate hike, Bitcoin remains above Glassnode's $76,600 True Market Mean and just below a dense set of cost-basis and liquidation levels.
The decisive test is what inflation, the Fed, the Bank of Japan, or the Strait of Hormuz would have to deliver to change the market's information set enough to push Bitcoin into a different regime. The Bureau of Labor Statistics will publish August inflation data on Sept. 11, which could impact the need for traders to price in an increasingly aggressive policy path.