Bitcoin Falls Below $112K Ahead of Key U.S. Data
Bitcoin slipped under $112,000 on Thursday, giving back its recent rebound as investors turned cautious before major U.S. economic releases. Federal Reserve officials signaled a careful stance on rate cuts, weighing on sentiment.
The world’s largest cryptocurrency was last down 0.7% at $111,786.6 as of 02:28 ET (06:28 GMT).
Bitcoin briefly climbed near $114,000 on Wednesday but failed to hold gains. Earlier in the week, a wave of liquidations wiped out about $1.5 billion in long positions, dragging Bitcoin from above $115,000 to the $112,000 range. Thin liquidity and leveraged bets deepened the sell-off, leaving traders wary of further volatility.
Traders Eye Jobs Data and Inflation Reports
Fed Chair Jerome Powell said there was “no risk-free path” on policy, warning that moving too quickly could fuel inflation while moving too slowly could hurt jobs growth. Other Fed officials echoed the cautious tone, stressing that future rate cuts will depend on data.
Investors now await a series of U.S. economic releases for guidance. Weekly jobless claims and a final reading of Q2 GDP are due Thursday, while the PCE inflation report arrives Friday. Core PCE is forecast at 2.9% year-on-year, still above the Fed’s 2% target.
Altcoins Extend Losses; Ether Hits 7-Week Low
The broader crypto market also weakened on Thursday. Ethereum (ETH) dropped 4% to $4,013.33, its lowest level in nearly seven weeks.
Other major tokens followed: Solana fell 3.2%, Cardano lost 2.7%, and Polygon declined 2.5%.
XRP was mostly flat at $2.85, while meme coins also slipped, with Dogecoin down 2% and $TRUMP retreating 1.5%.
