What Traders Are Watching for Bitcoin's Next Move
In brief Bitcoin is holding near $78,000 after a hot PCE inflation reading knocked it back from an $81,000 high, with a $6.4 billion options expiry, Fed Chair Kevin Warsh's first Jackson Hole speech, and Nvidia earnings all landing within 48 hours of each other. The CME FedWatch tool now prices a 38.4% chance of a September rate hike, down from 82% a month ago, with the Fed's next decision due September 16.
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Key Facts
- Fact 1: In brief Bitcoin is holding near $78,000 after a hot PCE inflation reading knocked it back from an $81,000 high, with a $6.4 billion options expiry, Fed Chair Kevin Warsh's first Jackson Hole speech, and Nvidia earnings all landing within 48 hours of each other.
- Fact 2: The CME FedWatch tool now prices a 38.4% chance of a September rate hike, down from 82% a month ago, with the Fed's next decision due September 16.
- Fact 3: Analysts are split on what comes next, with some calling this the late stage of a bear market bottoming out and others warning of a bull trap if Bitcoin can't clear $82,000.
- Fact 4: Bitcoin is holding near $78,000 after a rally that briefly took it above $81,000 got interrupted by a hot inflation report.
In brief Bitcoin is holding near $78,000 after a hot PCE inflation reading knocked it back from an $81,000 high, with a $6.4 billion options expiry, Fed Chair Kevin Warsh's first Jackson Hole speech, and Nvidia earnings all landing within 48 hours of each other. The CME FedWatch tool now prices a 38.4% chance of a September rate hike, down from 82% a month ago, with the Fed's next decision due September 16.
Analysts are split on what comes next, with some calling this the late stage of a bear market bottoming out and others warning of a bull trap if Bitcoin can't clear $82,000. Bitcoin is holding near $78,000 after a rally that briefly took it above $81,000 got interrupted by a hot inflation report. That single data point contributed to erasing roughly $3,000 from Bitcoin’s price in a few hours, a reminder of how fast sentiment can flip when positioning is this stretched.
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Original source: Decrypt
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