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Cryptocurrency News Articles
Bitcoin [BTC] Edged Higher and Retested $66k on Friday Following a Softer Reading from the U.S Fed’s Favorite Inflation Data – The Core PCE Index (Personal Consumption Expenditure).
Sep 29, 2024 at 11:00 am
This index tracks U.S inflation without the noise from food and energy price fluctuations. The August Core PCE index reading came in better than expected.
Bitcoin [BTC] saw a slight increase and retested $66k on Friday after a lower reading from the U.S Fed’s preferred inflation measure – The Core PCE Index (Personal Consumption Expenditure). This index tracks U.S inflation without the volatility caused by fluctuations in food and energy prices.
The August Core PCE index reading beat expectations with a 2.6% YoY (year-on-year) hike. This went against market expectations of 2.7%.
The low inflation measure boosted the markets as speculators priced in a higher probability of another 50 bps (basis points) Fed rate cut in November.
Next market catalyst
The low inflation measure now meant that the Fed would focus on the state of the U.S labor market, particularly the unemployment rate, to adjust its pace of interest rate cuts accordingly.
Hence, upcoming U.S labor sector updates will influence the next market direction, noted trading firm QCP Capital in part of its weekend brief on 28 September.
“As we head into next week, the key focus will be on upcoming labour market indicators, including JOLTs, ADP, and U.S unemployment rate,” the firm’s brief read.
The key updates to look out for are the JOLTs (Job Openings and Labor Turnover Survey) and employment situation scheduled for 1 and 4 November. Projecting the updates’ potential market impact, QCP Capital added,
“Strong performance in these metrics could bolster the case for a 50bps cut in November, further propelling risk assets.”
If that is the case, BTC could edge even higher towards $70k after the recent bullish market structure shift. Especially after it reclaims the 200-day MA (Moving Average).
The lift-off could also benefit Ethereum [ETH]. In fact, ETH has been outperforming BTC since the Fed’s pivot.
So, an extra macro tailwind could extend ETH’s remarkable recovery on the charts. In fact, according to market analyst Benjamin Cowen, ETH could hike to the psychological level of $3000 too.
That being said, the top digital assets saw a renewed demand from U.S investors. This week, U.S BTC ETFs saw $1.11 billion inflows, the largest weekly inflows since 19 July.
A similar, but limited investor appetite was also observed in ETH ETFs. The products attracted $84.6 million inflows, the largest weekly demand since 9 August. If the trend continues, the $3k per ETH and $70k per BTC price targets could be feasible.
Disclaimer:info@kdj.com
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