How will US economic data affect Bitcoin?

While some analysts expect a recovery in #Bitcoin (BTC) performance, others think that BTC will remain under pressure ahead of the Fed's interest rate decision.

The lack of a "strong story" in BTC has made the crypto market sensitive to macroeconomic indicators from the US.

The leading crypto rose above $55,000 on September 9 after the declines towards the end of the week. On September 11, all eyes turned to BTC in the crypto market, which focused on consumer inflation from the US.

BTC, which fell last week with negative flows from US nonfarm payrolls data and spot #Bitcoin exchange-traded funds (ETFs), started the week of inflation data positively.

Market participants are preparing for economic data from the US that could affect the US Federal Reserve's (Fed) interest rate decision and change the general market direction. The Bureau of Labor Statistics will announce the US Consumer Price Index data on Wednesday, September 11. Immediately afterwards, on September 12, producer inflation data will be shared with the public.

Bernstein, who warned investors these days when markets are focused on the US, commented, “Election results and the impact of regulatory institutions are not taken into account.”

“A Trump victory in the November elections could push BTC above $80,000 in the fourth quarter.”

High volatility is expected in the cryptocurrency market ahead of the inflation data on Wednesday. Experts predict that $BTC will be traded in the $58,000 range, and that $60,000 could be seen if inflation is positive. In fact, Fed Chairman Jerome Powell stated last month that they could apply for a rate cut in September if results are in line with inflation targets.

Crypto analyst Peter Brandt, who has become famous for his graphical analyses, stated in his analysis that technical indicators show a range of $30,000. Brandt, who sees a 65 percent probability of the #BTC price falling below $40,000, evaluated the probability of an increase to $80,000 as 20 percent.