BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BREAKING NEWS

Bitcoin Shows Strength Amid Mixed US Economic Data Ahead of Federal Reserve Meeting

by Matoy
September 12, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 2 mins read
A A
1
SHARES
12
VIEWS
Share on XShare in TelegramShare on Reddit
  • Bitcoin price fluctuates as fresh US economic data presents a mixed view on inflation.
  • Markets anticipate a modest interest rate cut by the Federal Reserve on September 18.
  • Uncertainty persists with strong resistance near $60,000 as traders watch liquidity levels closely.

Bitcoin experienced notable fluctuations, reflecting the market’s reaction to mixed signals on inflation. On the morning of September 12, Bitcoin’s value dipped below $58,000, despite holding a modest gain for the day. This movement coincided with the release of the US Producer Price Index (PPI) for August, which indicated a 0.3% increase month-on-month—slightly above market expectations. Conversely, the annual PPI data suggested a cooler inflation environment at 2.4%, below the anticipated figures.

The mixed inflation data comes alongside surprising unemployment figures, with claims reaching 230,750, surpassing expectations. Such statistics are closely watched by market participants for clues on how they might influence the Federal Reserve’s policy decisions.

Fed Rate Cut Speculations Persist

Despite the mixed economic reports, the consensus in financial circles, including insights from The Kobeissi Letter and analysis by CME Group’s FedWatch Tool, suggests that a 0.25% rate cut by the Federal Reserve is highly probable at its September 18 meeting. This sentiment is echoed by 85% of the market, underscoring a cautious but hopeful outlook for looser monetary policy.

Adding an international perspective, Michaël van de Poppe pointed out that the European Central Bank (ECB) had already implemented its rate cut, potentially setting a precedent for the Fed. He expressed cautious optimism for Bitcoin, noting that the lower-than-expected annual PPI could bode well for the cryptocurrency.

Market Dynamics and Bitcoin’s Path

The immediate response in the Bitcoin market to the US data and stock movements was mixed. After initially dropping during the US trading hours, Bitcoin mirrored a rebound in technology stocks, closing the day above $57,300. However, traders like Skew noted the presence of significant resistance around the $60,000 mark, which might cap further gains in the near term.

Further complicating the landscape is the strengthening ask liquidity at $58,500, effectively capping the spot price from making substantial upward movements. Bitcoin statistician Willy Woo suggested that the market might continue to face indecisive conditions, citing his proprietary indicators which reflect a market in search of direction amidst ongoing economic uncertainties.

Tags: Bitcoin
TweetShareShare
Previous Post

Crypto Executive Cautions on DOGS Token’s Rapid Growth Despite Record Airdrop

Next Post

Grayscale Launches New Investment Trust for XRP to Enhance Crypto Portfolio Options

DON'T MISS THESE! HOT OFF THE PRESS

Whale Just Moved $56M in XRP to Coinbase—But Price Went Up?
CRYPTO

Whale Just Moved $56M in XRP to Coinbase—But Price Went Up?

June 30, 2025
Big Money’s Back—Ethereum ETF Inflows Signal a Shift
CRYPTO

Big Money’s Back—Ethereum ETF Inflows Signal a Shift

June 30, 2025
Bitcoin’s Just… Chillin’, but a Bigger Move Might Be Lurking
BITCOIN

Bitcoin’s Just… Chillin’, but a Bigger Move Might Be Lurking

June 30, 2025
Germany’s Largest Banking Group Is (Finally) Letting Retail Clients Trade Crypto
CRYPTO

Germany’s Largest Banking Group Is (Finally) Letting Retail Clients Trade Crypto

June 30, 2025
Robinhood Unveils Tokenized U.S. Stocks for EU Traders, Eyes 24/7 Market Revolution
CRYPTO

Robinhood Unveils Tokenized U.S. Stocks for EU Traders, Eyes 24/7 Market Revolution

June 30, 2025
Aptos Looks Stuck… But Under the Surface, Things Are Heating Up
CRYPTO

Aptos Looks Stuck… But Under the Surface, Things Are Heating Up

June 30, 2025
Load More

Related News

Whale Just Moved $56M in XRP to Coinbase—But Price Went Up?

Whale Just Moved $56M in XRP to Coinbase—But Price Went Up?

June 30, 2025
Big Money’s Back—Ethereum ETF Inflows Signal a Shift

Big Money’s Back—Ethereum ETF Inflows Signal a Shift

June 30, 2025
Bitcoin’s Just… Chillin’, but a Bigger Move Might Be Lurking

Bitcoin’s Just… Chillin’, but a Bigger Move Might Be Lurking

June 30, 2025
Germany’s Largest Banking Group Is (Finally) Letting Retail Clients Trade Crypto

Germany’s Largest Banking Group Is (Finally) Letting Retail Clients Trade Crypto

June 30, 2025
Musk Torches Trump’s $5T Budget Bill, Floats New Party to Fight “Insane” Spending

Musk Torches Trump’s $5T Budget Bill, Floats New Party to Fight “Insane” Spending

June 30, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.