Bitcoin News
By Pankaj K
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Fed Policy and Macro Signals. The Federal Open Market Committee voted 9-3 to keep its interest rate target between 3.50% and 3.
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Bitcoin's Price Range and What Breaks It. Bitcoin's been stuck between $62,000 and $68,000 for a while.
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What Traders Are Watching Now. The checklist for a Bitcoin breakout looks something like this: a soft jobs report, wage growth…
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Bitcoin punched past $65,000 on August 5. It didn't last. The move looked promising for a few hours, but buyers couldn't push through the $69,000 ceiling that's been capping the…
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The broader macro backdrop is shifting, though — and not in a straightforward direction. The odds of a Federal Reserve rate hike in September dropped to 57.4% from 80.
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The Federal Open Market Committee voted 9-3 to keep its interest rate target between 3.50% and 3.75%. Three officials wanted an immediate quarter-point hike.
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Services held up too, with a PMI of 54.1. But employment within the services sector slipped into contraction. Job openings sat around 7.4 million, hires near 5.3 million.
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That ambiguity is basically Bitcoin's whole problem right now.
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Bitcoin's been stuck between $62,000 and $68,000 for a while. Traders have marked $63,000 as a key demand level — the floor that's held on dips. On the upside, $69,000 is the wall.
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If Bitcoin drops below $62,000 instead, the next psychological test is $60,000. That level carries weight — round numbers always do in crypto markets, where retail sentiment can…
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Friday's jobs report is probably the single biggest near-term catalyst. Economists expect roughly 80,000 new jobs added, with unemployment holding steady around 4.2%.
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Related: Arthur Hayes Sees Bitcoin at $1 Million If AI Wipes Out White-Collar Jobs
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Strong wage growth is the risk. If wages come in hot, the case for a September hike gets stronger, and Bitcoin's upward momentum gets harder to sustain.
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And then there's oil. The Strait of Hormuz situation hasn't resolved — Iran has denied direct talks with the U.S. — but the direction of travel seems to be toward de-escalation.
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The checklist for a Bitcoin breakout looks something like this: a soft jobs report, wage growth that doesn't scare the Fed, rate hike odds falling below 50%, positive ETF…
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