Bitcoin Stuck in September Resistance as Markets Flip Hawkish

Bitcoin is facing stiff resistance as it heads into September, still battling to break above key resistance levels. Markets have flipped hawkish on Federal Reserve policy, with a 60% chance of an interest rate hike in September. The Fed's new chair, Kevin Warsh, has been tight-lipped on policy cues, but markets are interpreting his comments as dovish, leading to increased expectations of rate hikes.

The August nonfarm payrolls data is due this week, which could temper rate expectations. Private-sector employment numbers will precede the release, followed by initial jobless claims. Labor-market conditions have been weak in recent years, with major downward revisions to employment numbers.

Brent crude oil prices have surged amid renewed US strikes on Iran and an unprecedented US-Venezuela oil-supply deal. This has led to increased volatility in markets, with European stocks under pressure.