Bitcoin traded around $111,323 on Sept. 3, showing muted price action in the hours leading up to the U.S. July labor market report. Market participants largely remained on the sidelines, assessing how the Department of Labor’s JOLTS report could affect Federal Reserve policy outlook.
A below-forecast reading on job openings and quits could reinforce expectations for a Fed rate reduction later this year, potentially boosting demand for higher-risk assets including cryptocurrencies. Conversely, a stronger labor market report might prompt a more cautious stance among traders, curbing appetite for BTC and altcoins.
Macro factors continued to influence intraday flows, with Asia markets closed for holiday in parts of the region and European stocks trading mixed. On-chain metrics showed a modest uptick in Bitcoin network fees, signaling steady on-chain activity but no clear directional bias. Funding rates across major derivatives venues remained slightly positive for longs, reflecting balanced sentiment.
September is historically a weak month for Bitcoin, with average declines over the past decade. However, some analysts caution that seasonal patterns could be overridden by strong technical breakout signals if key monthly resistance levels are overcome. Market watchers will also keep an eye on dollar index movements and Treasury yields, which have a significant correlation with digital asset price swings.
Ultimately, traders awaited the jobs report release and Fed speakers’ comments for fresh catalysts. In the absence of major news, Bitcoin’s near-term rangebound trading may persist until the next macroeconomic data point.
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