BTC price will face new challenges in September, as indicated by current market changes and US economic data.
Current BTC Price Dynamics
After a drop of 8.60% in August, early September showed signs of BTC recovery. On September 2, it rose from the $57,000 support level to $60,000 resistance level on September 3. However, on September 4, at 09:00 WIB, BTC dipped below $57,000 again, indicating significant market uncertainty.
Impact of US Economic Data
The decline in the crypto market and BTC price prospects coincided with sharp drops in Wall Street indices: Dow Jones fell by 1.51%, Nasdaq by 3.25%, and S&P 500 by 2.12%. According to ISM data, the US PMI index for August was 47.2, below market expectations. In light of these weak economic data, the probability of a 50 basis point Federal Reserve rate cut in September increased from 30% to 38%. However, most predictions lean towards a 25 basis point cut with a 62% chance.
Altcoin Updates
In addition to BTC forecasts, important updates are also expected from several altcoins this week. On September 3, Fantom (FTM) will launch the Sonic testnet capable of processing up to 2,000 transactions per second. Concurrently, Arbitrum (ARB) will release the Stylus update allowing smart contracts to be written in Rust, C, and C++. On September 4, Polygon (MATIC) will rebrand into the POL token with extended functionality, and ThorChain (RUNE) will conduct a hard fork to enhance network security.
While September is historically a challenging month for BTC, current US economic data and upcoming altcoin updates could significantly influence the market's further developments.
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