Analysts: Bitcoin's near-term outlook may depend on U.S. economic data

XS.com market analyst Linh Tran wrote that Bitcoin's near-term outlook will largely depend on upcoming US economic data, including preliminary GDP and core personal consumption expenditure inflation. If the data continue to show a slowdown in the US economy and easing inflation, the Federal Reserve will have a stronger case for initiating a rate-cutting cycle. "This situation will create a liquidity-rich environment that is conducive to Bitcoin's recovery," Tran said. However, Tran added that if the data is unexpectedly "hot", investors may maintain a defensive stance and extend the short-term correction. (Jin Ten)