September 3 Bitcoin Update:
BTC slipped below $20,000 after the release of the US Job data. BTC's Daily chart closed below $20,000. The weakness in the daily and weekly chart indicates sideways price action for September. This also indicates that BTC can test support again at $17,600.
The US Index is also close near weekly lows. All markets are facing the fear of high Interest rates in the coming FOMC meeting hence market is weakening. If the Global market dumps then BTC can see new lows too.
Market is reacting from the FEDs last meeting in which Powell said they can continue high interest rates to control inflation. Do not expect any big moves in the market in the coming days/months, instead the market will run in a slow sideways zone.
Important Dates
CPI Report: Sept. 13
FOMC meeting: Sept. 21
