Institution: The recent outlook for Bitcoin may depend on U.S. economic data

Blackburn market analyst Lynn Tran wrote in a commentary that the recent outlook for Bitcoin will largely depend on the upcoming U.S. economic data, including preliminary GDP data and core personal consumption expenditures inflation data. If these data continue to show a slowdown in the U.S. economy and easing inflation, the Federal Reserve will have more justification to initiate a rate-cutting cycle. Tran stated, "This situation will create a liquidity-rich environment conducive to Bitcoin's recovery." However, if the data unexpectedly comes in "hot," investors may maintain a defensive posture, prolonging the short-term pullback. Bitcoin recently rose 0.2% to $112,981