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This week holds significant implications for Bitcoin and the Dollar Index as US economic data is poised to influence both. The upcoming US Manufacturing Purchasing Managers’ Index (PMI) will be a crucial determinant of the dollar’s trend. A lower PMI reading could signal a weaker dollar, which might result in an uptick for Bitcoin (BTC) and other risky assets. Bitcoin’s Recent Downturn Over the past week, Bitcoin has seen a value drop of more than 10%, primarily due to the stabilization of the dollar index and Bitcoin’s muted response. The persistent two-month weakening of the dollar is now at a crossroads, contingent upon this week’s economic data releases. Should the dollar weaken further, it could create a favorable environment for cryptocurrencies and other risky assets. Access NEWSLINKER to get the latest technology news. What to Expect from Friday’s Data? Critical non-farm payroll data is set to be released this Friday, adding more weight to this week’s economic developments. ING analysts anticipate the unemployment rate to decrease to 4.2% with the addition of 165,000 new jobs. If these numbers fall short, the dollar could weaken further, presenting a potential opportunity for Bitcoin to gain. User-Usable Inferences – Monitor Tuesday’s PMI data; a weaker-than-expected PMI could weaken the dollar and boost Bitcoin.– Pay attention to Friday’s non-farm payroll data; weaker job growth could also weaken the dollar.– Be aware of the MACD indicator; it suggests a potential downtrend for Bitcoin to the $56,000 level.– Stay updated on US economic data releases to anticipate market movements. From a technical standpoint, Bitcoin must navigate this crucial period cautiously. The MACD indicator signals a strengthening downtrend, possibly driving Bitcoin down to the $56,000 mark. Investors should closely monitor forthcoming US economic data and exercise caution regarding potential market fluctuations. This week’s US economic data will…

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Filed under: News - @ September 2, 2024 7:27 pm