Bitcoin (BTC) starts this week at $57,721, a decline from last Monday’s $63,768. The next higher resistance levels are $59,098 and $61,708, while the next lower supports are $57,265 and $55,433. These levels are essential for traders using Fibonacci indicators to anticipate potential price movements.
Market-Moving Events to Watch for This Week
- September 3: ISM Manufacturing PMI (August) – Forecast: 47.8 | Previous: 46.8. The ISM Manufacturing PMI is a key indicator of the manufacturing sector’s health. A reading below 50 indicates contraction, which may drive investors toward Bitcoin as a hedge against economic uncertainty. Should the PMI fall short of expectations, it could signal broader economic challenges, potentially leading investors to seek refuge in non-traditional assets like Bitcoin.
- September 5: ADP Nonfarm Employment Change (August) – Forecast: 150K | Previous: 122K. This report provides a preliminary look at job creation, influencing market expectations ahead of the official jobs report. A strong ADP report could strengthen the dollar, negatively impacting Bitcoin as investors move towards dollar-denominated assets. If employment numbers exceed expectations, Bitcoin might face pressure as the market anticipates a robust U.S. economy.
- September 6: Nonfarm Payrolls (August) – Forecast: 163K | Previous: 114K. Nonfarm Payrolls are a critical indicator of economic activity. A stronger-than-expected reading may boost the dollar, potentially putting downward pressure on Bitcoin. If payroll numbers significantly surpass forecasts, it could solidify the dollar’s strength, prompting a market shift away from riskier assets like Bitcoin.
- September 6: Unemployment Rate (August) – Forecast: 4.2% | Previous: 4.3%. The unemployment rate is a vital measure of labor market strength. A lower unemployment rate than expected could further bolster the dollar, impacting Bitcoin negatively. A declining unemployment rate suggests a tightening job market, which might lead to increased interest in dollar-backed investments over cryptocurrencies.
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Disclaimer
It’s important to note that the information provided is not intended as financial advice. The views expressed here solely represent the writer’s opinion based on the outlined market events. As with any investment, conduct thorough research and consider personal circumstances before making decisions in the volatile world of cryptocurrencies.
