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Source: Newsmaker.id
Bitcoin surged approximately 5% to the US$81,300 range during Thursday's trading (Sept 3), nearing the August peak of around US$82,000 once again. This rise indicates a recovery in appetite for risk assets following a dip that had pushed Bitcoin below US$77,000.
Bitcoin's rally was bolstered by a weakening US dollar and falling Treasury yields. Weak ADP data and a rise in US jobless claims to 206,000 reinforced signs of a cooling labor market, while dovish remarks from Federal Reserve officials lowered the probability of a September rate hike to around 54%.
Market attention has now shifted to the US Nonfarm Payrolls (NFP) report. Employment data coming in weaker than expected could further pressure the dollar and bond yields—thereby supporting Bitcoin—whereas a strong NFP figure could revive rate-hike expectations and trigger a cryptocurrency correction.
On the industry front, optimism regarding digital asset regulation in the US and recent purchases by Strategy continue to provide support; Strategy previously acquired 4,603 Bitcoin, bringing its total holdings to approximately 845,050 coins.
Nevertheless, the US-Iran conflict remains a source of risk. An escalation driving up oil prices and inflation could prompt the Fed to adopt a hawkish stance again, while a potential rate hike by the Bank of Japan could reduce global liquidity and dampen interest in speculative assets.
Most major cryptocurrencies also posted gains. Ether traded around US$2,509, XRP at US$1.45, Solana at US$104.36, BNB at US$724, Cardano at US$0.220, and Dogecoin at US$0.0886. XRP, Cardano, and Dogecoin recorded larger gains than Bitcoin.
Newsmaker Analysis: Bitcoin's short-term sentiment remains bullish as long as it holds above the US$80,000 level. A breakout above $82,000 could pave the way to the $84,000–$85,000 range, but a failure to hold the $80,000 level could trigger a correction toward the $78,000–$77,000 zone. (arl)
Source: Newsmaker.id