🛑 Bitcoin volatile as US INFLATION and job data shake markets!

Bitcoin slipped below $58K as fresh US Producer Price Index (PPI) and jobless claims data surprised the markets. Mixed signals on inflation sparked volatility, as the PPI saw a 0.3% increase in August, slightly higher than expected, while the year-on-year rate cooled to 2.4%. This follows the theme of conflicting inflation metrics we’ve seen recently.

Meanwhile, unemployment claims came in hotter than anticipated at 230,750 vs. the expected 227,000 —adding another layer of complexity for traders. Despite these mixed signals, experts like The Kobeissi Letter still expect the Federal Reserve to cut interest rates by 0.25% at the upcoming Sept. 18 meeting, with markets pricing in 85% odds for this cut.

Notably, the European Central Bank (ECB) already made its move, front-running the Fed with its own rate cut.

Where does Bitcoin go from here?

After a volatile US trading session, Bitcoin bounced back above $57,300, tracking gains in tech stocks. However, resistance looms around the $60K mark, with market optimism staying cautious.

Popular trader Skew highlighted that market sentiment is weak due to overhead resistance, saying it will take "a lot more" to push Bitcoin through these levels. Data from CoinGlass also shows increasing ask liquidity at $58,500, further anchoring BTC price.

According to statistician Willy Woo, market conditions remain indecisive, signaling more choppy waters ahead for Bitcoin traders.

As macroeconomic events unfold, eyes are now on how Bitcoin reacts in the coming days. Will it find support, or are we heading for more downside action?

Stay tuned with @Professor Mende - Bonuz Ecosystem Founder

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