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Bitcoin Technical Analysis – All eyes on the NFP report now
Bitcoin rallied strongly on Friday as Fed Chair Powell tilted more dovish. Traders firmed up expectations for a rate cut in September which now stands around 84% probability with a total of 54 bps of easing by year-end. The gains started to fade the following day though and the price continued to fall for several days. There was no clear catalyst for the selloff, so it might be technically driven. Nonetheless, the focus has now shifted to the US NFP report next week which is going to be crucial and will influence greatly interest rates expectations. Strong data might take the probability for a September cut towards a ... (full story)
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