market impact and expectations

A combination of lower inflation in the ISM and positive jobless claims figures might further boost Bitcoin, potentially reaching new highs as the market anticipates Fed Chair Powell signaling a cut in September at the Jackson Hole Symposium.
A combination of lower inflation in the ISM and positive jobless claims figures might further boost Bitcoin, potentially reaching new highs as the market anticipates Fed Chair Powell signaling a cut in September at the Jackson Hole Symposium.

Overall, the data wasn’t as negative as market reactions suggested, but expectations for a strong report may have led to surprises. The market is now anticipating 58 bps of easing by year-end for the Fed, up from 35 bps before the NFP release.

A combination of lower inflation in the ISM and positive jobless claims figures might further boost Bitcoin, potentially reaching new highs as the market anticipates Fed Chair Powell signaling a cut in September at the Jackson Hole Symposium.

Zooming into the 4-hour chart, a formidable resistance zone surfaces around the 116,000 level. This area is further reinforced by a downward trendline, creating a convergence that might attract sellers. They are likely to seize this opportunity to establish positions, anticipating a break beneath the major upward trendline. On the flip side, buyers are on the lookout for a breakout above this resistance, potentially fueling bullish momentum that could drive Bitcoin to unprecedented heights.

bitcoin price outlook

Overall, the data wasn’t as negative as market reactions suggested, but expectations for a strong report may have led to surprises. The market is now anticipating 58 bps of easing by year-end for the Fed, up from 35 bps before the NFP release.

This week, several key economic indicators are set to influence market dynamics, with particular focus on those coming from the United States. The upcoming release of the ISM Services PMI is a critical event, as it provides insights into the economic health of the service sector, which is a substantial component of the US economy. A stronger-than-expected PMI reading could reinforce confidence in economic stability, while a weaker figure might enhance expectations of Federal Reserve easing.

On the 4-hour chart, there’s a strong resistance zone around the 116,000 level, where a downward trendline adds confluence. Sellers are likely to position here for a break below the major upward trendline, while buyers will seek a break higher to increase bullish bets toward a new all-time high.