Bitcoin Drifts Lower After Muted Reaction to U.S. Data — Market Talk

Bitcoin edges lower midway through the Asian session, giving up earlier gains after U.S. data overnight tempered expectations for an imminent rate increase. Bitcoin continues to struggle to hold ground as markets' risk appetite is tested by fluctuating developments in the Middle East and repricing of rate path views. For Sandeep Pyapali, founder and CEO of Mesta, the latest PPI and jobless claims numbers sent a clean dovish signal of cooling inflation plus a softening labor market. But that doesn't seem to have buoyed crypto much, defying hopes of a risk-on rally and pointing to a lack of demand as structural headwinds like ETF outflows persist. Bitcoin is 0.1% lower at $63,330, so far failing to reclaim the $64,000 level. ([email protected])