CandleFocus Bitcoin's 200-Day Average About to Lose Bullish Momentum; NFP Eyed
2024-09-06
Author: Content Editor
The 200-day simple moving average (SMA) of bitcoin's price is close to losing its bullish momentum, indicating a potential bearish trend change. The short-term moving averages have already turned lower, confirming a bearish crossover. This weakening in bullish sentiment is consistent with increasing macroeconomic uncertainty. Market observers expect the price of bitcoin to drop to $50,000. The upcoming U.S. nonfarm payrolls report for August may impact price volatility, with a weak print potentially strengthening recession concerns and boosting the probability of a 50 basis point interest-rate cut by the Federal Reserve. Traders should be cautious of potential market volatility.
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