Bitcoin Volatility Rises as US-Iran Tensions Meet Economic Reports
Bitcoin's price has been under pressure as August comes to a close and September begins. The recent military action between the US and Iran has had an immediate impact on BTC, with its price slipping by over two grand to just under $77,000.
This week will be crucial in determining whether Bitcoin bounces back or dumps further. On Tuesday, the July JOLTS Job Openings and August ISM Manufacturing PMI reports are set to be released at 10:00 ET. Economists expect job openings to decline slightly to around 7.27 million from 7.36 million previously.
A stronger labor market could reinforce expectations that the Fed has room to raise rates again, potentially supporting Treasury yields and the greenback. This environment is typically not favorable for risk assets like bitcoin.
The most important macro event of the week arrives on Friday at 8:30 ET: The August employment report. General expectations suggest that the world's largest economy has added approximately 58,000 jobs in August, while unemployment is anticipated to remain at 4.1%.