Bitcoin Faces $80,000 Resistance as Markets Price in September Rate Hike
Bitcoin is facing a critical test as it approaches $80,000, a key resistance level. The market's attention is focused on U.S. employment indicators ahead of the September meeting of the Federal Open Market Committee (FOMC). Private-sector employment data, initial jobless claims, and August nonfarm payrolls are due to be released this week, with markets expecting August job gains of 50,000.
The Fed's new chair, Kevin Warsh, did not outline a clear policy direction in his recent speech at Jackson Hole, but his comments sparked renewed expectations for a rate hike. CME Group's FedWatch tool shows the probability of a 0.25 percentage point increase at the September FOMC meeting rising to nearly 60 percent.
Despite this, signs of a cooling labour market remain a factor that could temper the intensity of tightening. Research firm The Kobeissi Letter notes that 'all eyes are on the labour market,' and these releases will be crucial ahead of the September rate decision.