In brief
- Bitcoin ended the month with a 6.47% loss, despite reaching a record high of $124,545.60.
- Experts are closely watching jobless claims, U.S. productivity, and the August jobs report that could influence the Fed’s September rate cut decision.
- A weak jobs report could counterintuitively be a positive catalyst for Bitcoin, according to experts who remain cautious due to September’s bearish seasonality.
Bitcoin extended last week’s correction, closing the month on a negative note, with experts awaiting key macroeconomic data that could shape the U.S. Federal Reserve’s upcoming rate cut decision.
The spotlight is on the trifecta of jobless claims, U.S. productivity, and the August jobs report as the Fed faces conflicting data points with rising inflation and a weakening jobs market.
“The Fed is walking a tightrope,” Kurt S. Altrichter, founder of Ivory Hill Wealth Advisory, said in an X post on Sunday. Cutting rates “too soon risks reigniting 1970s-style inflation,” while holding them steady could “trigger a recession” by breaking the labor market, Altrichter added.
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Author: Akash Girimath
