Crypto traders continue to focus on U.S. economic data that could move the needle on the Federal Reserve's pathway for interest rates.
Bitcoin and other cryptocurrencies continued to edge lower after a rally this week following a pro-crypto court ruling, with traders looking ahead to inflation data Thursday before the end of August ushers in what is historically Bitcoin’s worst month.
“The crypto market is cooling after a surge in buying,” said Alex Kuptsikevich, an analyst at broker FxPro. “Bitcoin briefly dipped to $27,000 on Wednesday, about half of its initial jump from $26,000 to $28,000 and back below its 200-day and 200-week averages, despite the increased traction of risk in traditional markets.”
“After the sugar rush that followed the Grayscale legal victory on Tuesday, Bitcoin investors are back to digesting cold hard economic data in the form of the Fed’s preferred inflation gauge,” said Antoni Trenchev, co-founder and managing partner at crypto lender Nexo. If PCE cools and the jobs report due Friday shows employment slowing, it “could well stir Bitcoin into action again to make another push into the late $20,000s after Tuesday’s rally quickly faded,” Trenchev said.
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