CoinShares says August U.S. CPI offers no clear catalyst for near-term BTC upside

European crypto asset manager CoinShares said the latest U.S. August consumer price index data was not favorable for Bitcoin, according to Wu Blockchain. CoinShares said the CPI data raised the likelihood of a U.S. rate hike and increased the risk of the Federal Reserve keeping its hawkish monetary policy in place longer than expected. With no dovish signal in the CPI data to support expectations for Fed easing, Bitcoin’s near-term upside may remain limited, CoinShares said. The firm added Bitcoin may need additional catalysts to extend gains beyond $80,000, including weaker-than-expected economic data, a more dovish Fed policy stance, or new policy developments that could lift market expectations for rate cuts.