Bitcoin traded around $79,500 on Monday. The price remained near $80,000 despite renewed expectations for a Federal Reserve rate hike. Bitcoin had climbed above $82,000 at one point last week. The U.S. economy added 162,000 jobs in August against expectations of 55,000. The unemployment rate was unchanged at 4.1%. The implied probability of a 25 bps Federal Reserve rate hike on Sept. 16 rose to around 60%. Treasury yields and the U.S. dollar rose after the jobs data. Bitcoin and other rate-sensitive assets came under pressure. LMAX Group Market Strategist Joel Kruger said bitcoin was holding near $80,000 after an August rally that pushed momentum into overbought territory. Kruger said higher Treasury yields and rising oil prices created additional headwinds. He said crypto absorbed those headwinds without meaningful technical damage. U.S. spot bitcoin ETFs attracted $987 million last week. The inflows extended a positive streak to three straight weeks. QCP Capital analysts said daily flow volatility reflected traders adjusting positions and waiting for clarity ahead of this week's data. QCP Capital identified local resistance at $80,000 to $82,000. QCP Capital identified support at $77,000 to $78,000. CryptoQuant analyst Axel Adler Jr. said the 30-day change in realized capitalization turned positive on Aug. 24. The measure had spent 87 days in negative territory. The measure reached 0.88% by Sept. 6. Realized capitalization increased by $9.36 billion over the 30-day period to $1.068 trillion. Adler said rising realized capitalization supported bitcoin's recovery while the price held around $80,000. U.S. producer price data is scheduled for Thursday. August CPI is scheduled for Friday. These are the final major inflation readings before the Fed's Sept. 16 meeting. Headline CPI is expected to remain at 3.4% year over year. Core CPI is expected to fall to 2.4%. Capital.com Senior Financial Market Analyst Kyle Rodda said the core reading could provide enough evidence of disinflation for the Fed to hold rates. Rodda said a higher-than-expected reading could put a rate hike back in play.
Bitcoin Holds Near $80,000 Amid 60% Odds of September Fed Rate Hike
NS3Share
Summary
Bitcoin news shows the price holding near $80,000 as the chance of a September Fed rate hike climbed to 60%. The U.S. added 162,000 jobs in August, lifting Treasury yields and the dollar. Bitcoin analysis highlights $80,000–$82,000 as key resistance and $77,000–$78,000 as support. U.S. spot bitcoin ETFs saw $987 million in inflows last week. Realized capitalization for Bitcoin hit $1.068 trillion after rising $9.36 billion in late August.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.