Yesterday's US inflation data for August confirmed bets for a Fed rate cut on September 18, as core inflation rose faster than expected, topping 0.3%.
Initial jobless claims and the producer price index (PPI) are due out today. Expect volatility in both directions.
The price continues to struggle at key levels. Let me remind you that #BTC $BTC constantly encountered resistance whenever it approached the $60,000 mark, and it is important to overcome it in order to continue growing.
The correlation between BTC and the S&P 500 is at a 23-month high. It may further strengthen after the Fed's September rate decision. I think we will grow slightly until September 18 on expectations of a rate cut.
Globally, Bitcoin is going through a consolidation phase before entering a fifth wave of growth that could lead to new highs. The Rainbow Chart BTC indicator shows that the price is in the “sale” zone. Whenever the indicator reaches this level, it suggests that investors should consider buying as the probability of BTC price growth increases.
