Weekly Market Recap(From 4th to 10th of Sept)
Last Friday, employment data was released, showing that the unemployment rate dropped from 4.3% to 4.2%. Although non-farm payrolls (NFP) increased, they still fell short of expectations. BTC initially rose upon the release of the data but quickly reversed course and turned negative. The U.S. stock market also opened lower, signaling that as the labor market weakens, funds in risk assets are starting to avoid risk.
Over the past week, BTC ETF daily fund flows were mostly net outflows, while ETH ETFs saw little significant movement. This reflects the current tight financial environment and increasing risk aversion. This situation may persist until looser monetary policies are implemented and more liquidity is available.
Before last Friday, BTC dropped, hitting a support level and then rebounding. Overall trading volume remained consistent with previous periods. However, based on the WTA indicator, whale participation was low. The ME indicator maintained a bearish trend, with the yellow zone continuing to expand.
In conclusion, we believe BTC may remain volatile this week. We maintain the original resistance level 62000 and the support level 52500.
ETH experienced further declines last week, giving back all of its 2024 gains and returning to the consolidation range seen at the end of 2023. Trading volume was below the historical average. According to the WTA indicator, whale activity was minimal following Friday’s drop, and participation levels across all categories have been decreasing. The ME indicator continues to show a bearish trend, with short positions strengthening.
In conclusion, we expect ETH to maintain a bearish trend this week. We are lowering the resistance level to 2400 and the support level to 2100.
Disclaimer: Nothing in the article constitutes investment advice. The article objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions based on the information contained in the article are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
Twitter | TradingView | Telegram | Indicators Intro | Free Trials
