Three Macro Events to Watch for Bitcoin's Next Move

Bitcoin's next move is heavily influenced by three key macroeconomic events, according to experts. The first is the release of the July PCE inflation report in the US, which could shift expectations for the Fed's rate path. A hotter-than-expected reading could amplify concerns about a potential Fed rate hike and add pressure on bitcoin.

The second factor will be Nvidia's financial results, which could ease concerns about massive AI capex and support investors' appetite for risk assets. The 90-day correlation between Bitcoin and Nvidia shares has been positive since the start of this year, with a value above 0.5. A strong report could boost investor confidence in the crypto market.

The third catalyst will be a speech by Fed Chair Kevin Warsh at the Jackson Hole symposium on August 28. His stance on the recent Treasury plan to increase buybacks of long-term bonds will be closely watched, as it could determine the Fed's next policy steps and impact Bitcoin's momentum.