Markets pivot to September Fed rate hike: Five things to know in Bitcoin this week
Bitcoin enters September still under key resistance as macro markets turn more hawkish on the Fed. After Jackson Hole, Fed Chair Kevin Warsh gave no dovish signal and said inflation remains too high, pushing CME FedWatch odds for a 0.25% September rate hike to just under 60%. This week’s US labor data, especially Friday’s nonfarm payrolls, could shift those expectations; weak jobs numbers and downward BLS revisions may limit tightening bets. Oil prices rose sharply after renewed US strikes on Iran, adding to broader market volatility. Bitcoin defended its 50-week EMA near $77,269, but still has not reclaimed the 50-week SMA around $80,307 or the broader macro downtrend resistance above $80,000. Analysts say the next major supply zone sits between $81,000 and $86,000. Onchain data shows large holders accumulated roughly 60,000 BTC in August while smaller holders sold, making whale demand crucial for any sustained breakout.
