Bitcoin and Gold Outlook: BTC and XAU kick-start recovery ahead of key economic events

• Bitcoin rises and reclaims $79,000 as support, but a gradually sloping MACD indicator could cap short-term gains.
• Gold ticks up above $4,400 after testing a key moving average support cluster around $4,350.
• Markets remain on the edge ahead of key economic data, including the US CPI report on Friday.

Bitcoin (BTC) holds above $79,000, maintaining resilience on Wednesday as the broader cryptocurrency market consolidates gains. Gold (XAU) is steady above $4,400, underpinned by a measured shift toward risk-on sentiment among investors.

Investors weigh US economic data

Market participants are pricing a 62% chance that the Federal Reserve (Fed) will raise interest rates in the 3.75%-4.00% range on September 16, according to the CME’s FedWatch tool. However, immediate focus has shifted to the US Bureau of Labor Statistics (BLS), which will release the August Consumer Price Index (CPI) figures on Friday.

The CPI is a scorecard for measuring inflation by tracking changes in the prices of goods and services on a monthly and annual basis. Investors closely monitor CPI reports for insights that directly shape the central bank’s policy direction; hence, Friday's release could shape the short- to medium-term outlook for Bitcoin and Gold.