Bitcoin edged lower on Friday, with traders remaining focused on expectations of a US Federal Reserve rate cut and awaiting key inflation data.
Bitcoin edged lower on Friday but held most of its gains from a sharp mid-week recovery, as traders remained focused on expectations of a U.S. Federal Reserve rate cut and awaited key inflation data.
The world’s largest cryptocurrency last traded 1.1% lower at $92,146.6 by 01:69 ET (05:49 GMT).
Earlier this week, Bitcoin had briefly fallen toward $84,000, its lowest level in nearly a month, after a wave of risk-off sentiment triggered heavy leveraged liquidations across crypto markets.
Still, a sharp rebound mid-week put Bitcoin on track for a 1% weekly rise.
Fed cut bets remain firm; PCE report on tap
The recovery that followed was fuelled in part by growing conviction that the Federal Reserve could cut rates next week.
Thursday’s U.S. jobless claims data showed weekly filings fell sharply to their lowest level in more than three years, reinforcing the view that labour market conditions are cooling and that the Fed may have room to begin easing policy.