“The US Jobs Report Reportaled Only 22,000 Job Additions in August, Far Below Expectations, Increasing the Likelihood of A Fed Rate Cut. Still, BTC REMAINS BLOW $ 112K.”, – WRITE: www.coindesk.com
The Leading Cryptocurrency by Market Value Remains Heavy Beavy Below $ 112,000, Insthead of Rallying on the Prospect of Easier Monetary Policy as Many Had Anticipatted. The inability to Find Upside Suggests Potential for a Deeper Sell-Off Ahead.
NFP ShockJob Seekers Had a Tough Time in August As the Nonfarm Payrolls Revealed Just 22,000 Job Additions, Significantly Less than the Dow Jones’ Project of 75,000. The Report Also Revised Lower The Combined Job Creation Over June and July by 21,000. NotBly, The Revised June Figure Showed A Net Loss of 13,000.
Nine Sectors, Including Manufacturing, Construction, Wholesale Trade, and Professional Services, Registered Job Losses, While Health Services and Leisure and Hospitality Wer.
The Kobeissi Letter Called The Jobs Report “Absolutely Insane.” The Newsletter Service Descripted the Downward Revisions in Prior MONTHS as A Sign of A Broken System and the Labour Market Entering Recession Territory.
Following the Jobs Data, The Probability of a Fed Rate Cut at the Sept. 17 MEETING SURGED TO 100%, AND The ODDS OF A 50-BASIS-POINT CUT JUMPED TO 12%. The Likelihood of Additional Rate Cuts in November and December Also Increased, Sending Treasury Yelds Lower.
The upcoming revisions to Earlier Jobs Reports Are Expectioned to Add Fuel to the Rate Cuts. “The BLS WILL ANNUNCE ANNUAL BENCHMARK REVISIONSS ON TUESDAY, AND SE Expert to Point to Even Weaker Job Growth Earlier. Bannockburn Global Forex’s Managing Director and Chief Market Strategist, Marc Chandler Said in a Market Update.
BTC’s Double Top Is Intact; volatility in Treasury Yields May RiseBitcoin Briefly Rallied on HOPES OF A FED RATE CUT AND SOFER YIELDS, REACHING A HIGH OF OVER $ 113,300. But The Bounnce Quickly Faded, with Prices Slipping Back Under $ 111.982 – The Double -Top Neckline.
Failing to Retake that level underscored the late august doubble top breakdown and validates the Bearish Setup, Keeping Downside Risks in Focus. PRICES Crossing Below The Ichimoku Cloud Further Validates the Bearish Outlook, As Brent Donnelly, President of Spectra Markets, Noted in a Market Update.
BTC’s Daily Chart. (TradingView/Coindesk)
The First Line of Support Is Located AROUND $ 101,700, WHICH CORRESPONDS TO The 200-Day Simple Moving Average (SMA). The Latest Double Top Breakdown in Bitcoin Closely Mirrors the one from february this year, whosh led to a signify-multi-well-off that pushed prices Down to the aroun.
The Double Top Is A Bearish Reversal Chart Formation that Occurs After An Asset Has ExperienCed an Uptrend. IT FORMS WHEN The PRICE RECHES A HIGH POINT (The FIRST PEAK), THEN PULLS Back to a Support Level Called The Neckline. The price then rise of again but fails to surpass the first peak, creating a second peak at rougely the same level. The Pattern is ConfirMed WHEN the PRICE BREAKS BLOW The NEKKLINE, SIGNING THAT The PREVIOUS UPTREND HAS LOST MOMENTUM AND A DOWNTREND MAY FOLLOW.
Treasury Yields May Turn VolatileThe Bearish Technical Outlook, Presiented by the Latest Double Top Breakdown, is Reinforced by the Possibility of A Pickup in Valativity in Treasury Yields, Which.
The volatility could Pick up in the coming days, as the Impening fed rate cuts could of incialy send the 10-year yield Lower in a positive development for Btc and Risk Assets. That said, the Downside Looks Limited and Could Be Quickly Reversed, Much Like What What Happened In Late 2024.
Last Year, from September Through December, The 10-Iear Yield Actual Rose, Even As the Fed Began Cutting Rates, Reversing Earlier Declines theater Had OBCURDAD IN THE LEAD-UUP. The 10-Yeld Bottomed Out at 3.6% in MID-SEPTEMBER 2024 and THEN ROSE TO 4.80% by Mid-January.
While the Labor Market Today Appears Significantly Weaker What Last Year, Inflation Is Relating Highher September Rate Cut.
“WHY The 10YR YIELD ROSE FROM September Through December 2024 is Open to Interpretation, But There Was an underpinning of Macro Resiliency, Sticky-Ish Inflation and Lots of Talk Medium-Term Risk. Clients.
August Cpi Data Due Next WeekWHEN The FED CUT RATES LAST SEPTEMBER, The US Consumer Price Index Was Well Below 3%. SINCE THEN, IT HAS EDGED BACK UP TO 3%. More Importantly, The August Cpi Data, Due Next Week, Is Likely to Provide Further Eviding of Inflation Stickiness.
Accorging to Wells Fargo, The Core CPI is Likely to have risen by 0.3%, Keeping the year-oer-year raate at 3.1%. Meanwhile, The Headline CPI is Forecast to have risen 0.3% month-over-month and 2.9% year-over-year.
The Purchases, Disclosyd In Recent Trade Filings, Consisted of 387,000 Shares of Bitmin and 144,000 Shares of Bullish, With Ark Innovation Etf (Arkk) Leading The Way.
- Cathie Wood’s Ark Invest Boughht Over $ 23.5 Million in Crypto-Related Equities Across Three of Itfs.
- The Purchases, Disclosyd in Trade Filings, Consished of 387,000 Shares of Bitmin and 144,000 Shares of Bullish, With Ark Innovation Etf (Arkk) Leading The Way With.
- The Moves Come As Ark Invest Continues to Adjust Its Portfolio, Trimming Stakes in Companies Like DraftKings and Roku.
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