Bitcoin Strides Toward $30,000 After Grayscale Investment’s Victory Against SEC
Bitcoin price has surpassed $27,500 after Grayscale Investment’s successful battle against the U.S. Securities and Exchange Commission (SEC). Here are the key points:
– Bitcoin price trades above the 200-weekly moving average, preventing a correction to $24,800.
– Macro factors, such as inflation and jobs data, are in favor of Bitcoin.
– The Federal Reserve may raise interest rates if inflation remains high and the job market remains tight.
Bitcoin Embarks On Bullish Rally
– The CME FedWatch Tool shows an 86.5% chance of interest rates remaining unchanged in the next monetary policy meeting.
– Traders are watching for key PCE inflation, non-farm payrolls, and unemployment data to confirm the bullish rally.
– Market expects core PCE inflation to be 0.2% and the Fed’s preferred gauge to measure inflation to be 4.3%.
– Market forecasts 170,000 jobs created in August, but analysts believe the unemployment rate will increase.
Bitcoin Price Moving to $30,000
– A favorable decision by the SEC on six Bitcoin ETFs is expected before the end of the week.
– BTC price surpassing the 200-weekly moving average brings back bullish sentiment.
– Traders are looking at PCE and jobs data as key factors for Bitcoin to reach $30,000.
Hot Take
Bitcoin’s recent victory in the SEC case and positive macro factors indicate a bullish rally. With the possibility of interest rates remaining unchanged and the potential for increased unemployment, Bitcoin price is expected to move higher. The decision on Bitcoin ETFs and upcoming data will play a crucial role in determining whether Bitcoin reaches $30,000.
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