While Bitcoin was trading at $59,076 yesterday,
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it dropped to as low as $57,127 during the early Asian trading session today. $BTC
closed the week at $57,565, once again losing important ground needed to create a bullish reversal. The trajectory is impacted by several factors.
#1: Macro Fears Of A Recession
The looming threat of a US recession is causing palpable tension in financial markets. This is especially pertinent for Bitcoin, which has not yet weathered a full economic downturn since its inception.
As the Federal Reserve gears up for its Federal Open Market Committee (FOMC) meeting on September 17-18, 2024, the discourse around monetary policy has intensified. The anticipation of a rate cut has been cemented by Jerome Powell's comments at the Jackson Hole Symposium, with the CME FedWatch tool indicating a unanimous expectation of a rate adjustment
Tom Capital added: "Needs to be real shitty jobs data in lead up to NFP on Friday, then a shocker NFP itself to get 50 bps (which isn't out of the question given unreliability of data). However, I reckon the sticker shock of a terrible NFP is a higher probability risk off move, starting in Nas."
