There are only about two weeks left before the next Fed meeting. At present, interest rate cuts seem to have become the consensus of the market. However, whether it will be a 25 basis point cut or a 50 basis point cut, as well as the frequency of subsequent interest rate cuts, everything is still shrouded in the unknown fog.

There is no doubt that the Fed's decision will have a significant impact on the direction of Bitcoin in September. In particular, the various data indicators of the US economy in August play a vital role. This Wednesday's ADP employment data, Friday's non-farm payrolls and unemployment rate, and Thursday's initial jobless claims, these data have undoubtedly become an important reference for the market to measure the intensity of the Fed's interest rate cuts announced in two weeks and the frequency of interest rate cuts thereafter.

It can be said that the various US data indicators to be announced this week are like a beacon guiding the future direction of Bitcoin. However, in recent times, favorable data have appeared in large numbers, but Bitcoin has not risen but fallen after trading sideways at a high level. The main reason is that this is a further digestion of the previous market bullish expectations.

Judging from the current market, the overall bullish pattern remains unchanged. However, short-term bearish sentiment has not been fully released, and short-term adjustments are inevitable. However, this short-term adjustment is not a bad thing. If Bitcoin can undergo a full round of adjustments before the Fed cuts interest rates, there will be more room and momentum for further increases in the future.