Bitcoin Faces Macro Headwinds as Correction Enters Final Stretch

Bitcoin market participants are preparing for another week of macro events that could influence price trends and sentiment shifts. On September 29th, the August JOLTS (Job Openings and Labor Turnover Survey) data will be released, followed by the August Personal Consumption Expenditures inflation on Wednesday, the September ISM manufacturing on Thursday, and the September jobs data on Friday.

These reports can have a significant impact on the October rate hike odds, which currently stand at 68.1% probability of a 25 bps hike, according to the CME FedWatch Tool. Bitcoin's price has been relatively flat over the past five days amid an ongoing correction, with some on-chain metrics suggesting that a bull market is underway.

The Futures Open Interest Percent Change Oscillator measures the rate of change in OI and has dipped toward the September 10 lows of -6.16% at the time of writing. This could signal that the correction has ended, but further drawdown remains a possibility.