Bitcoin experienced a decline, dropping below USD 115,000 as market concerns about the U.S. economy and geopolitical tensions intensified. Weak nonfarm payroll data and job revisions heightened worries about economic momentum. A 90% probability of an interest rate cut in September could provide market support. However, ongoing ETF outflows, including a significant drop for Bitcoin and Ethereum, have put additional pressure on prices. Notably, large acquisitions like Strategic's USD 2.4 billion Bitcoin purchase may present long-term support for the market.
Bitcoin has slipped below the USD 115,000 threshold amid global market concerns, including weakening U.S. economic momentum and geopolitical tensions. Recent nonfarm payrolls data was weaker than expected, raising fears about the U.S. economy.
Despite the current pressure, there is a 90% probability of a September interest rate cut, which could support a potential rebound for Bitcoin depending on future economic data.
Bitcoin and Ethereum face pressures from ETF outflows, with Bitcoin ETFs experiencing a third session of outflows and Ethereum ETFs seeing USD 465 million in outflows.
Support for Bitcoin's value may come from large acquisitions, notably the USD 2.4 billion in Bitcoin acquired by Strategy, which could positively influence market dynamics in the long term.
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