Bitcoin Briefly Swells to $116K as Macro Tailwinds Lift Trader Sentiment

Market Overview - Bitcoin has experienced a bullish trend, reaching a 19-day high, attributed to cooler inflation data ahead of the Federal Reserve's rate cut decision [1][2] - Bitcoin's price increased by 1.5% in the last 24 hours, trading at $115,680 after peaking above $116,300 [1] Economic Indicators - The U.S. Producer Price Index (PPI) unexpectedly fell by 0.1% in August, marking the first decline since April, driven by lower prices for unprocessed goods and easing service costs [2][3] - The market anticipates a high probability of a rate cut by the Federal Reserve, with a 92.7% chance of a 25 basis point cut according to CME's FedWatch tool [3] Future Outlook - Experts predict a significant surge in Bitcoin prices towards the end of the year as the Federal Reserve begins its rate-cutting cycle [4] - On-chain data indicates that selling pressure from profit-taking has diminished, leading to a bullish sentiment in the market [4] Altcoin Performance - While Bitcoin reached a 19-day high, key altcoins like Ethereum, XRP, and Solana have shown only single-digit gains, whereas Dogecoin and Hyperliquid have surged by 25% and 23% respectively in the past 24 hours [5]