Bitcoin's Price Rally Hinges on Upcoming Macro Events
The cryptocurrency market is bracing for a crucial week ahead of several key macroeconomic events that could shape Bitcoin's next move.
The analysts at The Kobeissi Letter highlight three pivotal announcements: the July PCE inflation report, revised second-quarter GDP data, and Federal Reserve Chair Kevin Warsh's keynote address at Jackson Hole Economic Policy Symposium.
On Wednesday, the Bureau of Economic Analysis will release July's Personal Consumption Expenditures (PCE) Price Index and core PCE. Economists expect core PCE to rise 3.2% annually, which would leave underlying inflation higher than the Fed's 2% objective. Hotter-than-expected readings could strengthen expectations for elevated US interest rates, pushing Treasury yields and the dollar higher.
The second estimate of US GDP for Q2 will also be released on Wednesday, showing annualized growth of just 1.5%, down from 2.1% during Q1.