Fed Watch: Bitcoin Hinges on Upcoming Economic Reports

A busy week ahead for Bitcoin investors as several major economic reports are due out between Tuesday and Friday. The asset ended August under renewed pressure, but geopolitics won't be the only factor traders need to watch this week.

Tuesday brings two significant reports: the July JOLTS Job Openings and August ISM Manufacturing PMI. 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 unfavorable for risk assets like Bitcoin, which slipped by over two grand on Monday after military action between the US and Iran.