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Bitcoin's recent attempt to reverse a downward trend faced limited success as market participants await critical US jobs data. On September 5, Bitcoin briefly reached $57,000 at the Wall Street open, coinciding with gains in US equities influenced by macroeconomic data. Despite this, Bitcoin’s price remained under pressure, experiencing a 2.3% decline on the day.
The decline in {Bitcoin} (BTC) price follows a recent rally that briefly interrupted a downward trajectory. Market data from Cointelegraph Markets Pro and TradingView indicated that the rebound from the previous daily close provided only temporary relief for BTC/USD, as broader market trends continued to weigh on its performance.
Recent macroeconomic data, including a notable miss in private-sector payrolls which came in at 99,000 compared to the anticipated 144,000, has kept expectations for a significant interest rate cut by the US Federal Reserve alive. This development has been characterized as the smallest gain in payrolls since 2021, according to The Kobeissi Letter. Additionally, the Job Openings and Labor Turnover Survey revealed a decrease in job openings to 7.67 million, falling short of the expected 8.1 million. These figures have heightened market speculation about potential rate cuts at the Federal Reserve’s upcoming meeting on September 18.
The Fed’s focus on employment data suggests that the outcomes of upcoming job reports could heavily influence their rate decisions. Traders in risk assets, including cryptocurrencies, are hopeful that a substantial rate cut could lead to increased market liquidity.
Regarding Bitcoin’s price trajectory, traders are keeping an eye on upcoming unemployment data scheduled for September 6. Keith Alan of Material Indicators noted that the possibility of Bitcoin revisiting August lows could provide a “double bottom” pattern, potentially validating a previous support level. He also highlighted the 50-week simple moving average at approximately $53,355 as a key trendline.
Conversely, trader CrypNuevo suggested that a favorable unemployment report could result in a relief bounce for Bitcoin, with resistance levels observed between $60,000 and $60,200. The presence of liquidations in this range could influence short-term price movements, according to the latest exchange order book data.
