Bitcoin recovered sharply from its intraday low, but holding these gains will determine whether bulls and dip buyers are ready to fight for a stronger trend reversal.
The United States consumer price index for August rose 0.2% for the month, in line with estimates, but the risky assets reacted negatively. The S&P 500 Index (SPX) fell more than 1.5% initially, but it has recovered its initial loss and turned positive. Bitcoin (BTC), which had dipped near $55,500, has also pulled back to over $57,500 level. The recovery shows solid buying at lower levels.
The next major trigger for the risky assets could be the interest rate cut from the US Federal Reserve at its upcoming meeting on Sept. 18. CME Group’s FedWatch Tool shows an 85% probability of a 25-basis point cut.
Crypto market data daily view. Source: Coin360
