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On the chain: <a href="https://xpertsstudio.com/bitcoin-saylor-reiterates-buy-call/” title=”Bitcoin: Saylor Reiterates Buy Call”>Bitcoin steadies near US$77,000 as traders await US inflation test
Bitcoin edged higher in early trade on Friday but remained under pressure around the US$77,000 mark, with investors cautious ahead of crucial US inflation data that could shape next week’s Federal Reserve interest rate decision.
The world’s largest cryptocurrency was trading at US$76,933.64, up 0.49% on the day, after slipping from levels above US$79,000 earlier in the week.
The weakness has extended across the broader digital asset market. Ether recently traded around US$2,460, while XRP and Solana have also come under pressure as investors reduced exposure to higher-risk assets. CoinDesk reported that 95 of the 100 constituents in its CoinDesk 100 index were lower during the latest broad retreat.
Oil and rates pressure crypto
The key headwind remains the macroeconomic backdrop.
Rising oil prices have fuelled renewed inflation concerns and pushed US Treasury yields higher, making speculative assets such as cryptocurrencies less attractive. Brent crude climbed past US$105 a barrel on Thursday, while the US 10-year Treasury yield was around 4.85%.
Attention now turns to Friday’s US consumer price index, the final major inflation reading before the Federal Reserve’s September 15-16 meeting.
Bitcoin has spent much of the past fortnight struggling to establish itself above US$80,000, with traders identifying the US$75,000-US$77,000 region as an increasingly important support zone.
Despite the near-term pressure, institutional demand remains a supportive factor, with US spot Bitcoin ETFs recording US$987 million of inflows last week, extending their positive run to three consecutive weeks.
For now, however, the next significant move is likely to hinge on whether US inflation strengthens the case for another rate rise or gives Bitcoin room to make another attempt at US$80,000.
Source: au.finance.yahoo.com