Crypto Traders Await US Inflation Data

Bitcoin is currently hovering around $80,000 after a drop of several thousand dollars. This stability may come to an end with the release of important economic data from the United States. The market is preparing for the Federal Reserve's meeting on September 15 and 16, with the likelihood of an interest rate hike reaching 60%. U.S. markets are closed on Monday due to Labor Day, and there are no significant events on Tuesday. On Wednesday, a 10-year Treasury auction will take place, which could only impact the crypto market if there is a noticeable change in bond yields. The first serious test for the market will be the release of the Producer Price Index (PPI) on Thursday. It is expected that the PPI will grow by 0.4% month-on-month, with the annual rate rising from 4.7% to 5.4%. Higher-than-expected inflation could intensify concerns about interest rate hikes. Data on existing home sales will also be released on the same day. On Friday, the Consumer Price Index (CPI) will be published. The annual inflation rate is projected to be around 3.3% to 3.4%, and core inflation is expected to decrease compared to the previous month. Numbers above expectations could increase bond yields and put pressure on Bitcoin; conversely, weaker inflation may strengthen buying pressure. This situation could lead to significant volatility in the market.

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