Bitcoin Remains Under Pressure Below $30K Following U.S. Retail Sales Numbers
Thursday's rally to a new 13-month high of $31,800 has now more than been fully nullified.
The price of bitcoin (BTC) at $29,780 is barely holding above a one-month low as Tuesday morning's economic data confirms the U.S. economy remains in growth mode and traders brace for what's now a near 100% certainty of another Federal Reserve rate hike next week.
On its face, the retail sales report from the U.S. Census Bureau for June showed some weakness, with the headline number rising 0.2% last month versus forecasts for 0.5% and May's 0.5%. However, the retail sales "control group" – which filters out some components to compile a more precise gauge of consumer spending – rose 0.6% in June, more than double May's pace and far ahead of estimates for a decline of 0.3%.
"Score another win for team soft landing," , chief economist at RSM. He noted that the control group is higher by 2.1% on a 3-month average annualized basis, implying modest upside risk to his team's forecast for 1.7% GDP growth in Q2.
What little doubt about the result of next week's meeting of the Fed's policy-setting Federal Open Market Committee (FOMC) has been essentially fully erased, with traders now pricing in a 97.3% chance of another 25 basis point rate hike, the CME FedWatch Tool.
Bitcoin, which appeared set for a major upside price breakout when it rallied as high as $31,800 last Thursday in wake of the for Ripple's XRP, now sits at the low end of its recen t price range at $29,780.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
OpenAI secures business victory just days following internal 'code red' over Google competition
The Importance of Teaching Financial Skills Early for Building Lasting Wealth
- Financial literacy builds long-term wealth by enabling smarter money decisions, compounding growth, and avoiding investment traps. - Dutch studies show higher financial knowledge boosts income for young adults and savings for older individuals, proving causal impact. - Targeted education programs, like Invest in Girls, close gender gaps by teaching risk evaluation and adapting to developmental stages. - Early financial education—tracking allowances, simulating trades—fosters informed decision-making and
Infrastructure-Fueled Expansion of Industrial Real Estate in Upstate New York: Tapping into Lucrative Prospects via Targeted Grants and Brownfield Redevelopment
- New York state’s infrastructure grants and brownfield remediation strategies are transforming Upstate industrial real estate. - FAST NY’s $283M in funding since 2022 has revitalized 37 projects, including Genesee County’s green hydrogen hub and Webster’s Xerox campus redevelopment. - Brownfield cleanup tax credits and "bluefield" zoning policies in Webster reduced industrial vacancy rates to 2% and boosted residential property values by 10.1%. - The $300M POWER UP initiative upgrades energy infrastructur
Investing in Educational Institutions Emphasizing STEM as an Indicator of Future Workforce Developments
- U.S. higher education sees surging STEM enrollment, driven by workforce shortages and tech demand, with 3.46% of undergrads majoring in computer science/engineering in 2024. - Investors increasingly target STEM-focused institutions, aligning with 10.4% projected job growth by 2030, as K-12 STEM markets expand at 13.7% CAGR fueled by EdTech and private equity. - Persistent diversity gaps (26% women in STEM workforce) and financial strains highlight the need for inclusive programs and industry partnerships
Trending news
MoreCrypto prices
More
