Strong US economic data has kept Bitcoin's rise under pressure as investors turn their attention to Thursday's inflation report. Bitcoin has had difficulty recovering in recent weeks due to the US Federal Reserve's hawkish interest rate policies. Retreating from the $66,500 level, Bitcoin fell below $63,000 as US employment and services data came in above expectations.
Investors predict that the interest rate cut expected in November and December may remain limited. US inflation data to be released on Thursday may lead to a reshaping of these expectations. According to RBC Economics, inflation is expected to slow to 2.2%, but the strengthening of the dollar may continue to put pressure on Bitcoin.
