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Bitcoin hits new August highs as traders eye upcoming US CPI data

Bitcoin rose into a new August high ahead of Wednesday’s July CPI release and Thursday’s PPI, with markets shifting toward a Fed rate pause at the Sept. 16 meeting.

Reported · Written up by our desk · Market Structure

Bitcoin jumped to new August highs into Sunday’s weekly close as traders turned their attention to the next round of US inflation data, according to Cointelegraph.

The July Consumer Price Index is due Wednesday, followed by the Producer Price Index on Thursday, as Fed-watchers weigh mixed recent inflation signals and how those readings could affect expectations for Federal Reserve interest-rate policy.

Cointelegraph also highlighted that recent labor-market and inflation prints have been weaker than expected, which supported a move toward a more dovish Fed path.

CME Group’s FedWatch Tool showed a 56% chance of a pause as of Monday, while Cointelegraph noted that markets have shifted away from earlier odds of a 0.25% hike for the Sept. 16 meeting.

Latest closeBitcoin $65,069.46 ▲0.3%

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