Crypto Market Enters Bearish Phase Amid Macro Data Uncertainty
The cryptocurrency market has entered a sluggish drift lower phase, with Bitcoin and Ethereum showing bearish order flow. The turn of the month did not bring an impulsive release to the crypto market, with local highs remaining untouched.
Bitcoin is currently pinned between $62,228 and the $64,000 zone, while Ethereum failed to break above $2,000. This has led to a lack of liquidity overhead and the need to work through lower pools before defining the medium-term trend.
The market is waiting for updated figures from Michael Saylor's company, as well as key macro data such as PMI, ADP, and NFP. The latter will have a decisive impact on the US Federal Reserve's (Fed) autumn meeting, the US Dollar Index (DXY) trend, and risk appetite.
Trading tactics and risk management are crucial during this period, with extra caution required due to August being a difficult and volatile month for the crypto market. The main focus shifts to lower timeframes from 1H and below for precise intraday execution.