The cryptocurrency community is expressing concerns about the upcoming US employment data, expecting potential market volatility.
Expectations Before Employment Data
GreeksLive macroeconomic researcher Adam pointed out the risks associated with the Nonfarm Payroll (NFP) data publication on September 5th, highlighting a cautious and bearish market sentiment.
Current Market Situation
Bitcoin continues to show weakness, failing to find strong support despite repeated tests of the $108,000 level. At the time of writing, BTC is trading at $108,507, which is down 5.61% over the past week, while Ethereum's price has fallen 8.40%.
Community Discussions
Community members are discussing the possibility of a 'death cross' formation on the weekly MACD, which could trigger an exit from the market by institutional and large investors. The volatility that nonfarm payroll data could create further emphasizes the lack of clear direction in trading.
In light of the uncertainty caused by the upcoming employment data, the cryptocurrency market is facing pressure. Short-term prospects remain unclear, and market participants are closely monitoring upcoming events.
