Traders Target $120K as Bitcoin Awaits Key U.S. PCE Inflation Report
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- Bitcoin holds $109K support ahead of U.S. PCE inflation report due September 26.
- Softer-than-expected PCE print could boost momentum toward $120K–$125K.
- Market bets on Fed easing after PCE; traders eye renewed upside for Bitcoin.
Bitcoin steadied near $109,000 early Friday as markets looked ahead to today’s PCE inflation data release at 8:30 a.m. ET, later today.
The stage is set not for speculation of a first rate cut, but for confirmation of one the Fed already executed. The Federal Reserve trimmed the benchmark rate by 0.25 percentage points on September 17, moving its target range to 4.00%-4.25%
Weak labor data has added urgency. July nonfarm payrolls rose by only 73,000, well below consensus. Earlier months’ numbers were revised downward, raising concerns about deceleration in hiring.
In prior remarks, Powell flagged that risks to employment have …
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