BlockBeats news: On September 7, Bitcoin faced several key macroeconomic events this week. The U.S. August PPI and CPI data will be released on Thursday and Friday, respectively, and the Federal Reserve will announce its interest rate decision on September 16. CME FedWatch data shows that the market currently assigns a 58.4% probability to a 25-basis-point rate hike, bringing the target range to 3.75%-4%.
Meanwhile, Japan’s record currency intervention and potential sale of U.S. Treasuries have become a focal point for markets. Japan’s foreign exchange reserves have decreased by approximately $79.57 billion since the end of July, leading markets to believe Japan may be selling U.S. Treasuries to fund its yen intervention. Polymarket data shows the probability of the Bank of Japan raising rates by 25 basis points in September has reached 98%. Changes in the yen and carry trades could further impact global liquidity and the cryptocurrency market.
On-chain data from CryptoQuant indicates that the recent BTC price increase has been primarily driven by the futures market, without corresponding confirmation from spot demand. Open interest in derivatives increased by approximately $2.3 billion in a single day to $27.53 billion, while spot demand remains negative, suggesting the sustainability of the current rally is still in question.
On the technical side, BTC closed the week above $80,000 for the first time in several months, but significant selling pressure remains near the $80,000 level. Meanwhile, the BTC weekly Supertrend indicator has turned into a "buy" signal for the first time since November 2025, a similar signal that appeared after the bear market bottom in early 2023.