Bitcoin Price Prediction: BTC Nears $68,000 as Fed Policy, FOMC and Inflation Loom
Bitcoin (BTC) is currently trading around $67,850 and hitting an intraday low of $66,123. The strength of the US dollar, which has increased due to strong economic data, is a major factor in this bearish trend.
Investors are reducing their expectations for an imminent Federal Reserve interest rate cut in September, bolstered by a strong US labor market and persistent inflation. This has pushed the US dollar to near a one-month high, putting significant downward pressure on BTC prices.
Looking ahead, traders are cautious about placing strong bids as they await the latest US consumer inflation figures and the highly anticipated outcomes of the outcomes of the Federal Open Market Committee (FOMC) meeting scheduled for later this Wednesday.
Investors are scaling back expectations for a Federal Reserve interest rate cut in September, driven by a robust labor market and ongoing inflation.
This has propelled the US Dollar to nearly a one-month high. Market indicators suggest that the Fed might consider a modest 25 basis points rate cut later this year, possibly in November or December.
Traders will be closely monitoring the release of the latest US consumer inflation figures and the critical FOMC monetary policy decision.
The headline US Consumer Price Index is expected to ease slightly to 0.1% in May from the previous 0.3%, while the annual rate is predicted to remain at 3.4%, exceeding the Fed’s 2% target.
The #Altcoin bottom could be in today!
It’s a big event day as multiple macroeconomic events are happening.
First, it will be CPI news, and later there’s the FOMC meeting and the FED interest rate decision to be made.
They will have a huge impact on the markets.
The markets… pic.twitter.com/VL3nnIgotx
— Michaël van de Poppe
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