Aug.27-Sep.2(BTC)Weekly market recapBTC volatility decreased after BTC gave back the gains from the Jackhole meeting. Currently, the number of stablecoins in the market continues to grow, getting closer to ATH, but there are few market hot spots except memes. After the staking storm passed, we saw the meme rise again. Whether it is Pump.fun on Solana earlier or Sun.pump that appeared on Tron recently, we can see that both large and small entities have turned their attention to memes. Four.meme backed by Binance also began to develop on the BSC chain, trying to capture the popularity after the release of CZ.
For the crypto market, except for emergencies, market volatility suffocates any trader, and people can only grow their wealth through memes. The market only transfers wealth and does not create value.
Risk assets have fully priced in a September rate cut, and even if there is some difference in value, monetary policy is unlikely to bring additional volatility. This Friday, the U.S. Department of Labor will release the latest NFP data. Unless there is a significant deviation from expectations, risk assets will maintain their trend. Beyond that, the cryptocurrency’s performance relative to NDX remains affected by ETF flows.
Although BTC saw a significant decline on Sunday, the long green candle yesterdays repaired the losses. BTC maintains low volatility most of the time. Judging from the WTA indicator, the blue column representing the whale has not participated in transactions in the past week. Like trading volume, WTA also reflects market downturns. The ME indicator maintains the bearish trend.
To sum up, we believe that the recent performance of BTC will still be dominated by fluctuation. In the short term, it will be determined by the capital flow of BTC ETF, and in the medium term, it will be determined by the amount of funds released after the monetary policy turns to loosening. We maintain last week’s resistance level 62000 and support level 52500.
