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Bitcoin breaks resistance, awaits US jobs data
Price ActionDigital FinanceMacro
Bitcoin is trading at $77,755.77, up 1.1% in the past 24 hours. The overall cryptocurrency market cap stands at $2.7 trillion, and Bitcoin's market share has grown to 59.7%, a recent high. Weak private payroll data from ADP showed an increase of only 38,000 jobs in August, below the forecast of 47,000, leading investors to increase bets on a Federal Reserve rate cut, which supports risk assets including crypto. The market is watching Friday's nonfarm payrolls report, with economists expecting an increase of 53,000 jobs and the unemployment rate holding at 4.1%. Vikram Subburaj, CEO of Giottus.com, noted that Bitcoin is trading in a range, and the market reflects about a 66% probability of a Fed rate move, with this uncertainty limiting the risk investors are willing to take. On-chain data shows that about 68% of Bitcoin's circulating supply remains in profit, and the average cost basis for short-term holders is near $71,000. However, demand for ETF funds has been steadily declining after a strong August, indicating that institutional buying is not providing the same steady support as before. Bitcoin's short-term support is at $76,200-$76,500, with resistance to watch at $77,700-$78,300.