Bitcoin Price to Face Crucial Week Ahead Amid Macro Data Releases
The upcoming week of macroeconomic data releases may significantly impact Bitcoin's price trends. The market is preparing for several key indicators, including August's Job Openings and Labor Turnover Survey (JOLTS) on September 29th, followed by Personal Consumption Expenditures (PCE) inflation data on Wednesday, the ISM manufacturing report on Thursday, and Friday's jobs data.
The CME FedWatch Tool currently indicates a 68.1% probability of a 25 basis point rate hike in October. Bitcoin has risen 43.8% from its June low at $57.8k, which may have marked the bear cycle low. However, it is uncertain whether the price will be able to hold above the $82k demand zone or if a weak macro outlook will trigger a larger sell-off.
The Futures Open Interest Percent Change Oscillator has been closely monitored, with readings below -8.5% often indicating an end to local corrections. The metric dipped towards the September 10th lows of -6.16%, but did not definitively confirm the correction's end.