Bitcoin price turns shaky ahead of potential Fed rate cut and weak global economic data

Bitcoin price wobbles near $58,000 as uncertainty over the Fed’s monetary policy decision looms and traders eyeball weak economic data in China.

Bitcoin (BTC) price dropped 4.1% between Sept. 15 and Sept. 16, falling to $57,595 after being rejected at the $60,000 level. This decline wiped out the gains from Sept. 13, when Bitcoin’s price jumped from $57,890 to $60,580 in under ten hours.

Some analysts attribute Bitcoin’s recent gains to the weakening of the US dollar, which coincided with gold reaching an all-time high. Meanwhile, others argue that inflows of $263 million into Bitcoin spot exchange-traded funds (ETFs) and the recent $1.11 billion purchase of BTC by MicroStrategy helped fuel the bullish momentum on Sept. 13.

Bitcoin/USD (right) vs. gold/USD (left). Source: TradingView

Bitcoin price wobbles near $58,000 as uncertainty over the Fed’s monetary policy decision looms and traders eyeball weak economic data in China.
Bitcoin (BTC) price dropped 4.1% between Sept. 15 and Sept. 16, falling to $57,595 after being rejected at the $60,000 level. This decline wiped out the gains from Sept. 13, when Bitcoin’s price jumped from $57,890 to $60,580 in under ten hours.Some analysts attribute Bitcoin’s recent gains to the weakening of the US dollar, which coincided with gold reaching an all-time high. Meanwhile, others argue that inflows of $263 million into Bitcoin spot exchange-traded funds (ETFs) and the recent $1.11 billion purchase of BTC by MicroStrategy helped fuel the bullish momentum on Sept. 13.Bitcoin/USD (right) vs. gold/USD (left). Source: TradingViewRead more