Technical side:
The US stock market is going down, and Bitcoin is also going down with it. The employment data is lower than expected. At present, the overall Bitcoin market is maintaining a shock of 57800 to 58600, without too much fluctuation, but the overall major direction has not been repaired at the weekly level. We have seen that after the interest rate cuts in the past, we have repaired for a period of time before opening a big market. At present, the four-hour level is suppressed by the moving average and has been oscillating downward around the moving average. We have to wait patiently for it to go flat and bottom out before we can start a short-term small rebound. The next weekend means that there is a high probability that we will face shocks again. The support below is 55800-54000, and the resistance above is 57600.
Ethereum has not rebounded too strongly after the second exploration. Money is waiting for the boss's directional choice. If it quickly goes down to around 2100, it will be a big opportunity for us. The support below is 2430-2140, and the resistance above is 2455-2550.
BTC's ETF has had net outflows for seven consecutive days, with 200 million US dollars flowing out yesterday.
News:
The release of the small non-farm ADP last night showed that less than 100,000 jobs were added, and the growth slowed down for the fifth consecutive month, further confirming the cooling of the job market.
At the Federal Reserve's interest rate meeting on September 18, the future of Bitcoin may be determined in these three situations:
25 basis point rate cut: first rise and then fall
50 basis point rate cut: big positive (US short-term interest rate futures show a high probability of a 50 basis point rate cut)
The current interest rate is between 5.25 and 5.5 percent. It may drop below 3% by the end of 2025. The lower the interest rate, the better for the crypto market
Non-farm data will be released at 8:30 pm on Friday, with a forecast value of 16.5
Unemployment rate for August will be released at 8:30 pm on Friday, with a forecast value of 4.2%
Sol Conference on September 20
Apple Conference on September 10
- Token2049 will open on September 18
- The Federal Reserve will announce a summary of interest rate decisions and economic expectations on September 19
- CZ is expected to be released from prison on September 29
