According to information shared by GreeksLive’s macroeconomic researcher Adam, the cryptocurrency community is worried that the nonfarm payrolls (NFP) data to be released on September 5th will create volatility in the markets.
Adam, in his briefing to the Chinese community, stated that the current market sentiment is cautious and bearish. He noted that Bitcoin (BTC) has been showing weakness recently, failing to find strong support despite repeated tests of the 108,000 level.
Community members are discussing the possibility that a “death cross” formation on the weekly MACD could trigger an exit from the market by institutional and large investors. They also noted the volatility that nonfarm payroll data could create, indicating a lack of clear direction in the market.
According to on-chain data, $3.5 billion in selling pressure was experienced yesterday. Interestingly, while Bitcoin experienced a sharp decline, altcoins remained relatively resilient, prompting deeper analysis of the current market structure.
At the time of writing, BTC is trading at $108,507 and has fallen 5.61% in the past week. Ethereum’s price has fallen 8.40% in the same timeframe.
*This is not investment advice.