Bitcoin Trapped Under Resistance as Macro Uncertainty Rises

Bitcoin is facing a challenging September as it tries to break through resistance levels. The price of Bitcoin remains trapped under a dense layer of resistance between $81,000 and $86,000. This resistance zone has been identified by Glassnode as a key demand test.

The macroeconomic environment is also creating uncertainty for Bitcoin. The US labor market data will be released this week, which can quickly shift interest-rate expectations. The CME Group's FedWatch Tool shows that markets assign just under 60% probability to a 0.25% Fed rate hike in September, up from 41.4% last week.

Oil markets are also experiencing volatility due to the renewed US strikes on Iran and a reported US-Venezuela oil-supply arrangement. This adds another layer of macro uncertainty for Bitcoin.