Bitcoin, Crypto LIVE Updates Today: US PCE Inflation, GDP, Jobs Data Puts Rally Under Threat

Bitcoin Rally Triggers $615M Liquidations As Shorts Take Hit

Bitcoin’s latest rally has triggered heavy derivatives liquidations across the market. Coinglass data shows $615.14 million in positions were liquidated over the past 24 hours.

Short positions accounted for $433.45 million, while longs represented $181.69 million. Over four hours, total liquidations reached $62.67 million, including $16.73 million in shorts.

The data highlights pressure on bearish positions as Bitcoin climbs. It also shows how quickly leveraged trades can be wiped out during sharp price moves, increasing volatility across the crypto market.

Bitcoin Rally At Risk As US Jobless Claims Data Nears

The other crucial indicator for the markets this week will be jobless claims in the United States. The new outlook is for 206,000 new claims for the week ending Aug. 22. This is the same as last year’s figure of 206,000. The information will give fresh insights into the viability of the US labor market.

If the jobs market weakens, rate cut expectations may come true as the Fed. This could further boost the Bitcoin and crypto market rally. However, a stronger reading might have just the opposite effect. Therefore, any impact from the release may be direct on the market, causing volatility in the Bitcoin market and other risk assets due to changing rate expectations.

Bitcoin Faces Fresh Test As US GDP Growth Data Looms

US GDP growth could be another major test for the Bitcoin rally. The forecast for the economy’s growth now stands at 1.5% in Q2. That would be the slowest increase since Q1 when it increased 2.1%. The coming reading may impact expectations for Fed policy.

A better than expected outcome could dampen expectations of the near-term rate cut. This might put pressure on Bitcoin and other risk assets. But a weaker read could be a positive sign for a more dovish Fed. Analysts consider this release of GDP data to be highly significant ahead of PCE inflation and jobs data, which could be the main drivers of Bitcoin’s next move.

Bitcoin Rally Sets Strongest Weekly Gain Since March 2023

Bitcoin rallied toward $80,000 on Friday following new actions by the U.S. Treasury. BTC climbed as much as 4.8% in 24 hours and traded near $78,588. The crypto has appreciated by 24.5% in the last week. That would mean Bitcoin is set to post its best weekly gain since the month of March 2023.

The rally was in line with the Treasury plan to double bond buybacks for long-dated bonds. The transfer reduced yields for the long end of the market. It had a positive impact on risk appetite in financial markets as well. The latest rally suggests that Bitcoin is making a strong recovery, having previously traded around $80,000 in May 2026.

Ray Dalio Recommends Buying Bitcoin, Gold as Hedge Against Looming U.S. Debt Crisis

Billionaire investor Ray Dalio has again made a case for buying Bitcoin and gold as hedges against the looming U.S. debt crisis. His comments come as the U.S. debt crossed the $40 trillion mark earlier this week, with BTC rallying to nearly $80,000 for the first time since May.

In an X post, Dalio reiterated his advice to buy BTC and gold to navigate the risk of rising U.S. debt. This came as he warned that rising debt is unsustainable and could soon reach levels the government can no longer manage.

“As general advice, I suggest diversifying well in asset classes and countries that have strong income statements and balance sheets and are not having great internal political and external geopolitical conflicts, underweighting debt assets like bonds, and overweighting gold and a bit of Bitcoin,” he said. Read More.

Bitcoin Price Could Hit $97K This Month, Kalshi Data Shows

Bitcoin traders are starting to be bullish on Bitcoin’s prospects for August. According to Kalshi data, market participants have recently increased their expectations that BTC price will reach $97,000 this month. This would be a big step from where they are now. Bitcoin was trading at $77,432.67, up 2.4%, at the time of writing. The outlook is in line with BTC’s recent volatility and is making a recovery.

But there are still a number of macroeconomic risks which will need to be addressed by the cryptocurrency. PCE inflation, GDP growth and jobs data are expected in the coming weeks in the United States and could impact rate expectations, possibly helping to sustain Bitcoin’s recent rally.

Bitcoin Rally Faces PCE Test Ahead Of Fed’s September Meeting

Bitcoin traders are paying attention to the pending report from the U.S. Producer Price Index (PCE), which may influence expectations regarding the Fed’s September policy decision. Any upside surprise in the PCE inflation data could be important for risk assets as it will be one of the final inflation clues ahead of the meeting.

Investors will also be closely reviewing the Fed’s speech at the Jackson Hole symposium for new guidance on inflation and rates. His comments could either soothe or provoke worries by the market, particularly with the policymakers still split on the need to tighten the monetary policy.

Bitcoin Price Pulls Back From $78K As PCE, GDP, Jobs Data Loom

After an explosive surge today, the Bitcoin price rally is seeming to cool down. According to CoinGecko data, BTC price was at $78,543.79 at one point during the peak in the last 24 hours, indicating a 9.7% surge. It had a market cap of $1.543 trillion at the time and traded $63.312 billion in volume every day.

The BTC price, however, later pulled back towards the $76,000 area. The move follows markets’ reaction to Treasury’s larger purchases of long-term bonds, and traders’ anticipation of US PCE inflation, GDP and jobs data that will be crucial to the continued strength of the rally.