Bitcoin Price Hinges on Macro Data as Correction Fears Linger

The Bitcoin price is expected to be influenced by macroeconomic data in the coming week. On September 29, the August Job Openings and Labor Turnover Survey (JOLTS) data will be released. Other key reports include the Personal Consumption Expenditures (PCE) inflation rate on Wednesday, the ISM manufacturing index on Thursday, and the jobs data on Friday.

These events could impact the probability of a 25-basis-point interest rate hike in October, currently at 68.1% according to the CME FedWatch Tool. The Bitcoin price has risen by 43.8% from its June low of $57,800, but it may struggle to defend the $82,000 demand zone.

On-chain metrics suggest that a correction below $80,000 could be possible if the price fails to stay above $82,850. However, this would not necessarily invalidate the market structure, as a drop below $74,967 is needed for a bearish shift.