Bitcoin has fallen below the $69,000 level on Wednesday, ahead of the release of U.S. inflation data.
However, if the data shows a soft inflation reading for the month of March, this could influence the potential for a rate cut by the U.S. Federal Reserve in the first half of 2024. Additionally, the S&P 500 closed slightly higher on Tuesday, with a gain of 0.13%, while the Nasdaq saw a 0.32% increase at the close of yesterday's trading session.
The figures were notably stronger than the 200,000 job gains economists had anticipated. Because of the robust employment data and resilient economic activity, the Fed may be able to maintain unchanged rates for a more extended period.
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Bitcoin Remains Below $66,000 as Rallies Are Met with Selling ActionBitcoin remained below $66,000 late in the day during U.S. trading hours Wednesday after a couple of modest rallies were met with quick selling action. At $65,800 at press time, bitcoin was flat over the past 24 hours. Dragged down by 10% declines in bitcoin cash Bitcoin managed two rallies to around the $66,500 level on Wednesday, one move coming a softer than expected report on March growth in the U.S. service industry and another coming after Federal Reserve Chairman Jerome Powell said he continued to expect rate cuts this year despite continued perkiness in both inflation and the economy. Most of bitcoin's rally in 2024 roughly came from mid-February to mid-March. It was during this time that the spot ETFs were regularly adding 5,000-13,000 bitcoin each day, even with sizable selling by Grayscale's GBTC. The action since, however, has seen big sales of bitcoin continuing at GBTC, while purchases into the other ETFs have slowed
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