Crypto Weekly Outlook: Impact of BLS Update on Bitcoin and Ethereum
The latest data on the US labor market and expectations of a rate cut by the Federal Reserve will have an important impact on the direction of the market. Better-than-expected core personal consumption expenditures (PCE) data for August pushed Bitcoin (BTC) back to $66,000. Low inflation data increases the likelihood of a rate cut by the Federal Reserve in November, boosting market sentiment.
The next market catalyst is the upcoming release of labor market indicators such as JOLT and ADP data. Strong performance may further support expectations of rate cuts, pushing BTC up to $70,000. In addition, Ethereum (ETH) may also continue its recovery on macro-positives, with a target price of $3,000. The interest of US investors has picked up, with BTC ETF inflows reaching $1.11 billion and ETH ETF also recording $84.6 million in inflows, which may lay the foundation for price increases.
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Official account: Pumpkin Strategy (early review strategy analysis of Bitcoin BTC and Ethereum ETH from Monday to Saturday, long-term recommendation of high-quality coins and live analysis, and occasional sharing of Cai Fu Mi Ma)
