Bitcoin On The Brink As Crypto Braces For Fed Price Bombshell
Main Idea
Bitcoin's price is under pressure as the market anticipates the Federal Reserve's upcoming decision on interest rates, with traders closely watching inflation data and potential rate cuts.
Key Points
1. Bitcoin's price neared its all-time high of $123,000 but retreated despite a $12.2 trillion crypto-related announcement from former U.S. president Donald Trump.
2. The Federal Reserve's stance on interest rates is a key factor influencing Bitcoin's price, with traders awaiting the July CPI report, expected to show a 2.8% year-on-year inflation rise.
3. Market analysts predict Bitcoin could experience a rally if the Fed cuts rates in September, though short-term trading may remain range-bound.
4. The bitcoin price lost nearly 3% of its early-day 3.5% jump to $119,000, attributed to market uncertainty and inflation concerns.
5. A potential Fed rate cut in September could reignite a crypto rally, possibly pushing Bitcoin above its all-time high.
Description
Traders are braced for the latest U.S. inflation data that could unleash enthusiasm for risk assets if price pressures are seen to be easing...
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