Bitcoin's Macro Week: Will August's Data Keep Price Above $82K?
Bitcoin's price has been relatively flat over the past five days as it navigates an ongoing correction. Despite the current price of around $82K, market participants are preparing for another week of macro events that could dictate price trends and sentiment shifts.
The US Labor Department is set to release August's Job Openings and Labor Turnover Survey (JOLTS) data on September 29th, which may impact the October rate hike odds. Currently, there is a 68.1% probability of a 25 bps hike, according to the CME FedWatch Tool.
The Futures Open Interest Percent Change Oscillator has been tracking the rate of change in open interest (OI), and it recently dipped below -4.8%. This indicates that Bitcoin is getting close to an end to its local correction, but a further drawdown remains possible.
On the 4-hour chart, the $85K area has become a local supply zone, while the $83K area was being tested as support. If Bitcoin fails to stay above $82,850, a deeper retracement below $80K is likely.