Bitcoin fell to $58K before the busy week
Bitcoin, which recovered after the sharp declines at the beginning of last week, fell below 60 thousand dollars again last night. The most important factors in terms of this week's price trend will be the PPI data on Tuesday and Wednesday's CPI in the USA.
While markets are questioning whether there will be an interim meeting ahead of the Fed's meeting on September 18 and therefore whether the institution will go to a preliminary interest rate cut, the two most important data on this path will be announced this week. In the USA, PPI and CPI data for July will be determined on Tuesdays and Wednesdays this week, respectively.
Will there be a decrease in CPI again?
Especially CPI figures are of great importance in terms of the course of risky assets, including Bitcoin. While it was debated whether the Fed could reach its 2% target, the figure for June was 3%. Expectations are for consumer inflation to come to 3% this month... The producer price index, which has recently exceeded expectations, will be announced on Tuesday, and the consumer price index will be announced on Wednesday. Before two data, it is noteworthy that Bitcoin has again hung below 60 thousand dollars.
The dilemma continues
Markets, on the other hand, are experiencing a dilemma. Markets, which recently priced the cooling down of the economy positively, experienced a decline this time in the latest data due to fear of recession. In other words, although inflation below 3% this week seems to be positive in terms of the cooling of the economy, it can also trigger fears of recession and bring a decrease in risky assets.
If inflation is higher than expected, it may reduce the fears of recession and eliminate the possibility of the Fed's an interim meeting.
On the other hand, the Japan stock market, which is the main factor of last week's declines, will be closed today.
In the minutes of writing the news, Bitcoin is trading around $58,400. $BTC
