Bitcoin strides toward $30000 after Grayscale Investment’s victory against the U.S. Securities and Exchange Commission (SEC) puts BTC price over $27.5k. Bitcoin price now trades above the key 200-weekly moving average before the month’s close and prevented a correction to $24.8k. Interestingly, macro factors are also in favor of Bitcoin as traders await the core PCE inflation and jobs data this week.
Bitcoin Embarks On Bullish Rally
Fed Chair Jerome Powell hinted at further interest rate hikes during the Jackson Hole meeting recently. If inflation is higher and the jobs market remains tight, the U.S. Federal Reserve will raise interest rates at the next FOMC meeting on September 21.
The CME FedWatch Tool shows an 86.5% probability of keeping the interest rate unchanged by the Fed in the next monetary policy meeting.
Traders eye key PCE inflation, non-farm payrolls, and unemployment data to confirm the upcoming bullish rally. The market expects core PCE inflation for July to come in line with the previous month at 0.2% and the Fed’s preferred gauge to measure inflation at 4.3%, rising 0.1% against last month’s core PCE data.
In addition, the market forecasts 170k jobs created in the U.S. in August, falling from 187k in July. The unemployment rate is expected at 3.5%. However, analysts believe the unemployment rate to increase due to the easing jobs market.
PCE needs to come below the forecast to compel the Fed to pause interest rates in September. Also, rising unemployment will push Bitcoin price to move higher.
The US dollar index (DXY) fell below 103.50 after favorable JOLTs job openings data on Tuesday. DXY falling further will bring an upside move in Bitcoin.
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Bitcoin Price Moving to $30000
Meanwhile, the week is proving to be bullish for the crypto market. The federal judges handed Grayscale Investment a victory against the U.S. Securities and Exchange Commission (SEC).
Also, the SEC to decide on six Bitcoin ETFs. The ETF applications submitted by Bitwise, BlackRock, VanEck, WisdomTree, and Invesco are expected to receive responses before the end of the week.
Analysts noted that BTC price surpassing the 200-WMA level before the monthly close brings back bullish sentiment in the market. Will shorts liquidated and traders plan to go long on Bitcoin, PCE and jobs data are the key macro factors this week for returning BTC price to $30000.
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