Analyst: Bitcoin’s Near-Term Outlook May Depend on U.S. Economic Data

According to a report by Jinse Finance, XS.com market analyst Linh Tran wrote that Bitcoin’s near-term outlook will largely depend on upcoming U.S. economic data releases, including preliminary GDP and core personal consumption expenditure inflation. If the data continues to indicate a slowing U.S. economy and easing inflation, the Federal Reserve will have more reason to initiate a rate-cutting cycle. “Such a scenario would create a liquidity-rich environment that favors a Bitcoin rebound,” Tran said. However, Tran added that if the data turns out to be unexpectedly “hot,” investors may maintain a defensive stance, prolonging the short-term pullback. (Jin10)