Bitcoin's Sentiment Influenced by Key US Economic Indicators

This week, four significant U.S. economic indicators—Consumer Price Index (CPI), jobless claims, Personal Consumption Expenditures (PCE), and Job Openings and Labor Turnover Survey (JOLTS)—are expected to impact Bitcoin sentiment and influence Federal Reserve rate-cut expectations. According to NS3.AI, the February Non-Farm Payrolls report revealed a decrease of 92,000 jobs, contrary to the anticipated increase of 59,000, with unemployment at 4.4%. Following this report, Bitcoin traded near $70,000, marking a 2% decline for the week. The article discusses potential scenarios where softer economic data could facilitate Bitcoin's rise above $70,000. Conversely, higher inflation and weaker labor data might exert downward pressure on Bitcoin prices, potentially pushing them toward the $60,000 range.