Traders Eye September Jobs Report for Cues on Bitcoin Breakout Above $120K

Crypto markets remained unchanged Monday and Tuesday after last week’s $1.5 billion liquidation flush, but traders remain cautious ahead of a critical run of ￰0￱ data that could set the tone for ￰1￱ bulls defended the $110,000 support level several times over the past week, while Ether clawed back from a sharp dip to $4,075 that coincided with nearly half a billion dollars in leveraged longs being wiped ￰2￱ market capitalization now sits near $3.85 trillion, about 1.3% lower than a week earlier despite a 3.5% weekend ￰3￱ Fed’s most recent rate cut initially provided a modest boost to Bitcoin, but investors say the path forward depends less on past easing than on Powell’s Tuesday speech and upcoming jobs data that is scheduled to be released on Friday at 8:30 a.

m. (ET). “The crypto market is at a macroeconomic crossroads, caught between a softening labor market and resilient economic growth,” said Nick Ruck, director at LVRG Research, in a message to CoinDesk. “This week’s data — Consumer Confidence, Initial Jobless Claims, and the pivotal September Jobs Report — will be critical in gauging the Fed’s next ￰4￱ signs of further labor market cooling could reignite rate cut expectations, providing a tailwind for majors like BTC, ETH, and XRP.

Conversely, strong data may extend the current period of uncertainty and pressure,” he ￰5￱ data shows how many people are getting or losing work in the ￰6￱ fewer people are working and unemployment rises, it suggests the economy is ￰7￱ usually makes the Federal Reserve more likely to cut interest rates to support growth, which can boost risk assets like stocks and ￰8￱ if job numbers are strong and unemployment stays low, it signals the economy is still running ￰9￱ can keep inflation high, making the Fed less likely to cut rates. “This macro uncertainty is likely to maintain Bitcoin’s dominance, potentially capping the upside for Ethereum and the broader DeFi sector despite their superior yield opportunities,” Ruck ￰10￱ structure reflects the indecision.

A guage for sentiment fell to 28 on Friday, entering “extreme fear,” before bouncing back to a neutral 50 by ￰11￱ has consolidated in a tight $108,000–$118,000 range, with open interest compressed and funding rates normalized after the liquidations. “The rebound is coming from roughly the same levels as in early September,” Alex Kuptsikevich, senior market analyst at FxPro, said in an email. “Once again, altcoins are recovering stronger than ￰12￱ outperformance in the early stages of recovery often indicates the future winners of the race, which in this case are altcoins.” Kuptsikevich noted Bitcoin’s technical levels remain pivotal: “At the end of last week, Bitcoin found support at 109,000.

It was bought at roughly the same levels as the end of August and even slightly higher, which is positive for the bulls.” “On the other hand, September's local high is lower than the previous one, which generally indicates a decrease in volatility and a stronger movement towards a breakout beyond the $108-118K ￰13￱ within the range can give many false short-term signals,” he ￰14￱ faces its own inflection ￰15￱ flagged a potential bottom, citing technical exhaustion after last week’s ￰16￱ token is also in focus after the launch of the first ￰17￱ with staking features, from REX Shares and Osprey Funds, with applications from BlackRock and Fidelity still under SEC ￰18￱ around Solana added to the altcoin ￰19￱ network’s total value locked surged to $12.2 billion, up 57% since June, prompting fresh calls for a $300 price ￰20￱ coins have grown more prominent as well, with sector capitalization climbing 70% over three ￰21￱ headlines, however, kept traders ￰22￱ Wall Street Journal reported that ￰23￱ are probing potential insider trading tied to companies accumulating crypto reserves.

Elsewhere, ratings giant Moody’s separately warned that the rapid expansion of stablecoin use in developing countries poses risks to monetary sovereignty and financial stability.