Sep.3-Sep.9(BTC)Weekly market recap
Last Friday, employment data was released, showing that the unemployment rate dropped from 4.3% to 4.2%. Although non-farm payrolls (NFP) increased, they still fell short of expectations. BTC initially rose upon the release of the data but quickly reversed course and turned negative. The U.S. stock market also opened lower, signaling that as the labor market weakens, funds in risk assets are starting to avoid risk.
Over the past week, BTC ETF daily fund flows were mostly net outflows, while ETH ETFs saw little significant movement. This reflects the current tight financial environment and increasing risk aversion. This situation may persist until looser monetary policies are implemented and more liquidity is available.
Before last Friday, BTC dropped, hitting a support level and then rebounding. Overall trading volume remained consistent with previous periods. However, based on the WTA indicator, whale participation was low. The ME indicator maintained a bearish trend, with the yellow zone continuing to expand.
In conclusion, we believe BTC may remain volatile this week. We maintain the original resistance level 62000 and the support level 52500.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
Over the past week, BTC ETF daily fund flows were mostly net outflows, while ETH ETFs saw little significant movement. This reflects the current tight financial environment and increasing risk aversion. This situation may persist until looser monetary policies are implemented and more liquidity is available.
Before last Friday, BTC dropped, hitting a support level and then rebounding. Overall trading volume remained consistent with previous periods. However, based on the WTA indicator, whale participation was low. The ME indicator maintained a bearish trend, with the yellow zone continuing to expand.
In conclusion, we believe BTC may remain volatile this week. We maintain the original resistance level 62000 and the support level 52500.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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