"It's fun there, when the price of BTC wants to go up. Is it too late?”
The price of the king of cryptocurrency Bitcoin (BTC) saw a somewhat volatile movement after the release of the ISM Manufacturing PMI data in the United States (US) was at 48.5 compared to the expected reading of 49.1 and the record for May was 48.7.
The data is important for measuring the direction of inflation in the country as it is an economic indicator that measures the performance of the manufacturing sector and measures the level of demand for products by looking at order activity.
But it should be noted that the price of BTC has recently recovered slightly above $63,000 as investors want to watch Federal Reserve (Fed) Chairman Jerome Powell make comments at the European Central Bank (ECB) conference on Tuesday today.
Not only that, investors will also be keeping an eye on the minutes of the Fed meeting early Thursday morning which could provide insight into how the central banker views inflation, interest rates and the economy, then unemployment data will be released on Friday.
Bank policymakers said that an unexpected rise in unemployment could prompt the Fed to move more aggressively to cut interest rates for the first time, which is expected to happen in September 2024.
Even so, further indication of Fed policy will be at the Federal Open Market Committee (FOMC) meeting for July 2024 with futures traders pricing in two interest rate cuts expected to occur in the final quarter of the year.
As of this writing, BTC price has plunged by 0.87% to $62,851 in the last 24 hours with a market cap of $1.2 trillion but is still up 4.25% over the last week.
