๐จ BREAKING: $BTC Just Got Very Bullish News Today ๐ฅ๐ฅ๐ฅ๐ฅ๐ฅ
Guys, this is exactly why I said earlier not to blindly expect another BTC dump. The market was nervous about inflation, yields and another Fed hike, but today's data just gave bulls some breathing room.
August PCE came in cooler than expected. Headline PCE was 0.3% MoM and 3.4% YoY, while Core PCE was only 0.2% MoM and 3.0% YoY. That's the important part. Inflation pressure was softer than expected, which is supportive for BTC. Spending was still strong at +0.9%, so it's not a perfect bullish report.
And remember NY Fed President John Williams' recent statement: there is "no need for urgency" on another hike. He still sees another hike as potentially appropriate, but cooler PCE gives the Fed another reason to wait and collect more data before moving again.
Guys, I also covered BTC before this data, and the first move already happened. From around $83.8K, BTC pushed toward $85.2K, so I think TP1 from the setup is already hit. But honestly, I don't think the move is necessarily finished yet. $ENA
The next major macro checkpoint is October 2, when the US jobs report arrives. If inflation keeps cooling and labor data also starts showing weakness, the Fed's pressure could ease further.
For now, I'm watching whether BTC can hold the $84.5K area instead of chasing the first candle. If it turns $84.5K into support, I think the next liquidity above becomes interesting.
๐ My take: first target hit, but I'm still watching for continuation. $ETH
Guys, this is exactly why I said earlier not to blindly expect another BTC dump. The market was nervous about inflation, yields and another Fed hike, but today's data just gave bulls some breathing room.
August PCE came in cooler than expected. Headline PCE was 0.3% MoM and 3.4% YoY, while Core PCE was only 0.2% MoM and 3.0% YoY. That's the important part. Inflation pressure was softer than expected, which is supportive for BTC. Spending was still strong at +0.9%, so it's not a perfect bullish report.
And remember NY Fed President John Williams' recent statement: there is "no need for urgency" on another hike. He still sees another hike as potentially appropriate, but cooler PCE gives the Fed another reason to wait and collect more data before moving again.
Guys, I also covered BTC before this data, and the first move already happened. From around $83.8K, BTC pushed toward $85.2K, so I think TP1 from the setup is already hit. But honestly, I don't think the move is necessarily finished yet. $ENA
The next major macro checkpoint is October 2, when the US jobs report arrives. If inflation keeps cooling and labor data also starts showing weakness, the Fed's pressure could ease further.
For now, I'm watching whether BTC can hold the $84.5K area instead of chasing the first candle. If it turns $84.5K into support, I think the next liquidity above becomes interesting.
๐ My take: first target hit, but I'm still watching for continuation. $ETH
