What could trigger the next move?

Bitcoin price at $77K: What could trigger the next move?

Bitcoin entered Monday, Aug. 24, near $77,364 after one of its strongest weeks since 2024.

The cryptocurrency gained 22.1% over seven days and briefly approached $80,000 before its momentum slowed, according to current Bitcoin market data.

The rally lifted Bitcoin from approximately $64,000 within several sessions. Traders must now navigate three U.S. events that could influence Treasury yields, the dollar and demand for risk assets: July inflation data, revised economic growth and Federal Reserve Chair Kevin Warsh’s Jackson Hole address.

Bitcoin faces a combined inflation and growth test

The Bureau of Economic Analysis will publish July’s Personal Consumption Expenditures Price Index on Wednesday at 8:30 a.m. ET. The release includes headline and core PCE inflation, which excludes food and energy.

Core PCE rose 3.3% annually in June. The Cleveland Fed’s latest nowcast estimates July core PCE at approximately 3.29% annually and 0.25% monthly. This is a model-based estimate, not an official forecast or confirmed reading.

A hotter result could strengthen expectations that interest rates will remain elevated. That outcome could push bond yields and the dollar higher, potentially weighing on Bitcoin. A softer reading may ease those pressures, although the market’s response will depend on the details.

The BEA will release its second estimate of second-quarter U.S. gross domestic product at the same time. Its advance release estimated annualized growth of 1.5%, down from 2.1% during the first quarter.

The headline reflected weaker government spending and changes in trade. However, real final sales to private domestic purchasers rose 3.9%. Revisions to that measure could affect whether investors interpret the economy as resilient or losing momentum.

Warsh’s Jackson Hole debut could clarify Fed policy

Warsh will deliver keynote remarks at the Jackson Hole Economic Policy Symposium on Friday at 10 a.m. ET, according to the Federal Reserve’s official calendar. The symposium runs from Aug. 27 through Aug. 29.

The Kansas City Fed selected “Financial Innovation: Implications for Payments and Policy” as this year’s theme. The subject gives Warsh an opportunity to address monetary policy alongside changes in payments and financial technology.

The Fed left its benchmark rate at 3.50% to 3.75% in July through a 9-3 vote. Three policymakers preferred a rate increase, while several officials indicated that higher rates could become necessary if inflation remained persistent.

Economists remain divided over the next move. A recent Reuters poll found that most respondents expected rates to remain unchanged through 2026, while a smaller group anticipated an increase. Warsh’s comments may clarify how he weighs persistent inflation against slower headline growth.

The $80,000 level remains Bitcoin’s immediate test

Bitcoin’s rally followed the U.S. Treasury’s decision to expand liquidity-support buybacks for longer-dated government debt. The department will raise the maximum operation size from $2 billion to at least $4 billion beginning Sept. 9, according to its statement.

The program involves Treasury debt-management operations and is not quantitative easing or confirmed yield curve control. Still, the announcement lowered some long-term yields and helped improve demand for risk assets.

As previously reported, Treasury buybacks and short liquidations supported Bitcoin’s breakout. U.S. spot Bitcoin exchange-traded funds recorded approximately $517 million of net inflows on Aug. 19 and another $606 million on Aug. 20.

In related coverage, Bitcoin cleared $76,000 as ETF demand accelerated. Those inflows suggest spot demand contributed to the rally alongside forced closures of bearish derivatives positions.

Bitcoin’s immediate resistance sits near the recent $80,000 peak. The $75,000 area is the first level to monitor during a pullback, followed by the earlier breakout region between $70,000 and $72,000.

What happens next for Bitcoin

Tuesday brings August consumer confidence data at 10 a.m. ET. Wednesday is the main data session, with PCE inflation and the revised GDP estimate arriving together before U.S. markets open.

The Jackson Hole symposium begins Thursday, followed by Warsh’s speech Friday. A softer inflation reading combined with balanced Fed remarks could help Bitcoin challenge $80,000 again.

Hotter inflation or a clearly hawkish speech could revive pressure from Treasury yields and the dollar. After a 22% weekly gain, Bitcoin may be more sensitive to disappointing data as traders protect recent profits.

Source: cryptonews.net