Agency: The near-term outlook for Bitcoin may depend on U.S. economic data.

Blackburn market analyst Lin Tran wrote in a commentary that the recent outlook for Bitcoin will mainly depend on the upcoming US economic data, including preliminary GDP data and core personal consumption expenditure inflation data. If these data continue to show a slowing US economy and easing inflation, the Fed would have more reasons to start a rate-cut cycle. Tran said: "This situation will create a liquidity-rich environment, which is favorable for the recovery of Bitcoin." However, if the data unexpectedly "heat up", investors may maintain a defensive posture and extend the short-term correction. Bitcoin rose 0.2% to $112,981.