Bitcoin Price Gains 3.5% as US PCE Data Supports Lower Inflation
A rapid rise in BTC price action nonetheless failed to break the week-long trading range until present.
Market Update
Bitcoin (BTC) rose rapidly later on August 26 as fresh economic data from the United States bolstered hopes of a Federal Reserve pivot.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView tracked a 3.55% rise for BTC/USD on the day, allowing the pair to match highs from the start of the week.
The move marked a surprise turnaround for Bitcoin, which hours earlier had seen selling pressure as markets awaited clues from Fed Chairman Jerome Powell's speech at the Jackson Hole symposium.< /p>
With this talk still to come at the time of writing, a bullish catalyst came in the form of the Personal Consumption Expenditure (PCE) Price Index's latest reading, which was weaker than expected.< /p>
Analysts reacted positively, as the figures added weight to the idea that inflation in the United States had already peaked - a narrative already supported by the consumer price index (CPI) .
Here's how the #crypto market reacted to a better than expected PCE report. #BTC liquidity is on the move. A tear in the lineup ahead of the #JPow keynote at 10 a.m. ET isn't out of the question. After all it is
A rapid rise in BTC price action nonetheless failed to break the week-long trading range until present.
Market Update
Bitcoin (BTC) rose rapidly later on August 26 as fresh economic data from the United States bolstered hopes of a Federal Reserve pivot.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView tracked a 3.55% rise for BTC/USD on the day, allowing the pair to match highs from the start of the week.
The move marked a surprise turnaround for Bitcoin, which hours earlier had seen selling pressure as markets awaited clues from Fed Chairman Jerome Powell's speech at the Jackson Hole symposium.< /p>
With this talk still to come at the time of writing, a bullish catalyst came in the form of the Personal Consumption Expenditure (PCE) Price Index's latest reading, which was weaker than expected.< /p>
Analysts reacted positively, as the figures added weight to the idea that inflation in the United States had already peaked - a narrative already supported by the consumer price index (CPI) .
Here's how the #crypto market reacted to a better than expected PCE report. #BTC liquidity is on the move. A tear in the lineup ahead of the #JPow keynote at 10 a.m. ET isn't out of the question. After all it is
What's Your Reaction?
