Traders should keep an eye on the upcoming non-farm payroll data
by Tiffany Wang, WOO Analyst
Recent Purchasing Managers' Index (PMI) data from both the U.S. and Europe indicated economic resilience last week. During the Jackson Hole symposium, Federal Reserve Chair Jerome Powell echoed the growing consensus that it is time to recalibrate monetary policy. He acknowledged a significant cooling in the labor market and emphasized that the Federal Reserve does not aim for or welcome further weakening in labor market conditions.
This statement effectively signals a "Fed put" to the market, implying that if economic conditions deteriorate, the Federal Reserve is likely to cut interest rates to support growth—an encouraging sign for risk assets. The key focus now shifts to the upcoming nonfarm payrolls report, which will provide crucial insights into the labor market and the potential direction of future monetary policy.
Market overview from WOO X Research
BTC has risen above the daily MA140 (140-day moving average) level of $63,856, briefly surpassing the first target of $64,000 before pulling back. If BTC holds above $64,000, the next target will be $66,000.
However, if BTC falls below $64,000 and does not recover - or if it drops below $60,342, which was the price when the recent rally began - a weakening trend could start.
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