Recent economic data have influenced Bitcoin's price, which surged to $105,000. Central bank decisions in the EU and US have drawn particular attention.
Response to US and ECB Data
Bitcoin bounced back to the $105,000 level following announcements from the Federal Reserve. Two significant economic indicators were on the horizon: the European Central Bank's interest rate decision and key US statistics. The market's focus turned to these data releases.
European Central Bank Rate Decision
The European Central Bank decided to cut interest rates by 25 basis points. Earlier concerns about global inflation might have delayed rate cuts. However, in today's statement, despite economic challenges, rising real incomes and the easing effects of restrictive monetary policy are expected to support demand recovery over time.
US Economic Indicators
In the US, initial jobless claims data were released alongside 'advance' estimates for quarterly GDP growth. The expected growth figure was 2.6%, down from a previous 3.1%, with the announced figure coming in at 2.3%. This indicates potential for revisions in future estimates. Growth falling below expectations might allow quicker rate cuts. However, the reported 207,000 initial jobless claims, instead of the anticipated 225,000, reflect employment strength, suggesting the Fed could act swiftly due to labor market softening.
Recent economic data points to potential further changes in rates both in Europe and the US, which may continue to impact Bitcoin's price.
