Bitcoin Holds Near $77,000 Ahead of US Inflation, GDP and Fed Speech

Bitcoin entered Monday, Aug. 24, near $77,364 after a 22.1% gain over the past seven days, briefly testing the $80,000 level before momentum slowed.

Key U.S. data on the horizon

Traders will watch three events that could affect Treasury yields, the dollar and risk‑asset demand:

• July Personal Consumption Expenditures (PCE) price index, released Wednesday at 8:30 a.m. ET. The core PCE figure was 3.3% year‑over‑year in June; the Cleveland Fed nowcast projects July core PCE around 3.29% annualized.
• Revised second‑quarter U.S. GDP estimate, also due Wednesday. The advance estimate showed annualized growth of 1.5%, down from 2.1% in Q1.
• Federal Reserve Chair Kevin Warsh’s first Jackson Hole keynote on Friday at 10 a.m. ET, where he may discuss monetary policy and financial‑technology issues.

Potential market impact

A hotter‑than‑expected inflation reading could reinforce expectations of elevated interest rates, pushing bond yields and the dollar higher and weighing on Bitcoin. Conversely, a softer reading may ease those pressures, though the market’s reaction will depend on the details of the data and the Fed’s commentary.

Recent drivers of the rally

The price surge followed the U.S. Treasury’s decision to expand liquidity‑support buybacks for longer‑dated government debt, raising the operation size from $2 billion to at least $4 billion starting Sept. 9. The move lowered some long‑term yields and supported risk assets.

Spot Bitcoin ETFs recorded net inflows of roughly $517 million on Aug. 19 and $606 million on Aug. 20, indicating strong demand that helped lift the cryptocurrency alongside forced closures of bearish derivatives positions.

Technical outlook

Immediate resistance remains near the recent $80,000 peak. The $75,000 area is the first level to watch in a pullback, followed by the $70,000‑$72,000 breakout zone.

What’s next?

Tuesday brings August consumer confidence data at 10 a.m. ET. Wednesday’s combined PCE and GDP releases will set the tone before the Jackson Hole symposium starts Thursday. A softer inflation figure and dovish Fed remarks could enable Bitcoin to retest $80,000, while hotter inflation or a hawkish speech may revive pressure from rising yields and a stronger dollar.