Bitcoin Faces Crucial Test as US Economic Data Looms

The global cryptocurrency market is bracing for a volatile week as key U.S. economic data looms, setting the stage for a crucial test of Bitcoin's price resilience.

The upcoming jobs and inflation reports are expected to provide fresh clues on the Federal Reserve's next rate move, which could have significant implications for risk assets like Bitcoin (BTC). With U.S. 10-year Treasury yields remaining elevated near 5.15%, pressure is mounting on cryptocurrencies, keeping them at bay.

This week's events kick off with Trump's Oval Office address today, where he may announce plans to expand data centers and ease the construction of power infrastructure for AI development. Meanwhile, a weaker August reading in the JOLTS job openings report could signal a cooling job market, potentially pushing Treasury yields and the dollar lower.

The PCE inflation data due on September 30 is closely watched by markets, with both headline and core PCE expected to rise 0.3% month-over-month, up from 0.2%. The third estimate of Q2 GDP will also provide further insights into the U.S. economy.