The United States will see a series of key economic data this week, with the market's focus on the performance of the employment market. Traders are assessing whether these data will change the Fed's expectations for its next steps in policy and further affect the short-term volatility of risk assets such as Bitcoin, Ethereum, and XRP.
Currently, Bitcoin is trading at $78,796.58, Ethereum at $2,478.28, and XRP at $1.40. Over the past 7 days, Bitcoin has risen by 1.7%, Ethereum by 0.7%, while XRP has increased by 7.7%. During the same period, Solana has risen by 12.0%, and BNB has remained relatively stable.
Intensive data releases this week
According to The Kobeissi Letter, a total of 6 important U.S. economic data releases are scheduled for this week, among which employment-related data is the most closely watched.
- Monday: August Chicago PMI
- Tuesday: ISM of August – Manufacturing PMI, Price Data, and JOLTS Job Vacancies in July
- Wednesday to Friday: ADP Employment, ISM Service Industry Data and Non-Farm Payroll Report
The reason why the market pays such close attention to employment data is that this type of data directly affects the Federal Reserve's judgment on inflation and the strength of the economy. If the labor market continues to perform strongly, market expectations for interest rate cuts may further cool down, and risky assets could also come under pressure.
Bitcoin attention at $82,500
From a price structure perspective, Bitcoin is currently still operating within a range, with support roughly located between $73,000 and $75,000, and resistance concentrated in the $80,000 to $82,000 area. Only if the price effectively breaks above around $82,500 is it more likely that the market will regard it as a confirmation of an upward trend on a larger scale.
At the same time, the range of $76,400 to $76,700 is considered a liquidity area that requires attention in the short term. If the market weakens before and after the data release, this range may become a short-term testing point.
ETH and XRP hold the key positions
Ethereum is currently still above $2,400, which means that the previous breakout structure has not been broken. Its next major resistance area is between $2,750 and $2,800.
XRP then fell back to the support range of around $1.30 to $1.40, after encountering resistance around $1.60 to $1.70 earlier on. The current decline is more like a cooling down after the previous rise, rather than a reversal in trend.
Overall, the employment and manufacturing data released consecutively from Monday to Friday may gradually increase market volatility. Friday's non-farm payroll report is considered the most critical data point of the week, and whether its results exceed expectations will determine whether the crypto market will experience an upward breakout during the recent consolidation period or continue with the current downward trend.
