Market Report - 4 September 2023

Overview

According to the latest U.S. Bureau of Labor Statistics data released on Tuesday (29/08), job opportunities have declined for the first time in 2021, dropping to less than nine million. This decline coincides with a rise in layoffs, but it is seen as a positive step by the Federal Reserve in its efforts to combat inflation.

The cryptocurrency market remains sluggish, with Bitcoin (BTC) having sustained a three-week decline. Historically, BTC prices have always been poor in September.

On Wednesday (30/08), Bitcoin (BTC) gained more than 7%, topping $28,000 at one point on Tuesday afternoon after a federal appeals court ruled that the U.S. SEC must review its rejection of Grayscale Investments' attempt to convert its Grayscale Bitcoin Trust (GBTC) into an ETF. The price of BTC currently erased all its Wednesday gains, plunging below $26,000 after the SEC delayed decisions on six applications for spot bitcoin ETFs.

Bitcoin Price Analysis

Bitcoin (BTC) is currently testing its critical support level at 25k after a robust reversal from the $27,500 mark. This reversal underscores the prevailing bearish sentiment in the market. Investors are closely monitoring whether BTC can hold the 25k support; if it fails, the next significant support level at $21,000 becomes a pivotal focus.

The recent volatility highlights the uncertainty in the cryptocurrency space, with traders keeping a watchful eye on market developments for potential opportunities or risks. The future direction of BTC remains uncertain, with the $25,000 level acting as a key level for bulls and bears.

Ethereum Price Analysis

Ethereum (ETH) is mirroring Bitcoin's pattern with a reversal from an upthrust to the $1,700 level. The market sentiment for ETH closely echoes that of BTC, reflecting an overall bearish outlook. Traders are closely monitoring the $1,650 support level, as a breach could lead to further downside. Should this occur, the next significant support level to watch is at $1,500.

The recent price action in ETH highlights the broader uncertainty in the cryptocurrency market, where both major assets are facing pressure. Market participants are cautious, with the $1,650 level serving as a critical point to determine the short-term direction of Ethereum.

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Disclaimer

This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.

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