Bitcoin's Near-Term Outlook Likely Depends on U.S. Econ Data — Market Talk
Bitcoin's near-term outlook will largely depend on upcoming U.S. economic data, including preliminary GDP and core PCE inflation, XS.com market analyst Linh Tran writes in a commentary. The Federal Reserve would have stronger grounds to begin a rate-cutting cycle if the data continues to indicate a slowing U.S. economy and easing inflation. "This scenario would create a liquidity-rich environment favorable for bitcoin's recovery," Tran says. However, if the data comes in unexpectedly "hot," investors could maintain a defensive stance,prolonging the short-term correction, Tran adds. Bitcoin is last up 0.2% at $112,981, LSEG data shows.([email protected])