Even though today is Labor Day in the United States and a day off for the country’s conventional markets, the cryptocurrency market remains active, particularly in expectation of significant macroeconomic developments in the following week.
Over the next four days, investors will need to keep a careful eye on the speeches of the SEC and Fed chairs, the publication of the Fed’s Beige Book, and what happens after Tuesday’s deadline for comments on Joe Biden’s crypto executive order.
the current state of the cryptocurrency market
Simultaneously, Bitcoin seems to be on the cusp of its next major move, as it has been in accumulation for about ten days since its price crashed at the end of August. Sadly, the major movement is more likely to be bearish because… What caused the recent decline? It was the weekly accumulation, which was preceded by a comparable 10% decline.
Currently, Bitcoin is trading in a very tight range between $20,300 and $19,500, with $19,000 serving as the last level of support. Moreover, when BTC approaches these levels, the number of people willing to establish short positions climbs significantly, as the most recent CoinShares data demonstrates.
Let’s be honest: neither Gensler, who is regarded as a ferocious opponent of cryptocurrencies, nor Powell, who has become an even greater “hawk” on inflation, should be expected to deliver rhetoric that would save Bitcoin and other high-risk digital assets from the fate of September, also known as “Black September.”
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