Will Bitcoin Bounce or Dump? All Eyes Are on This Week’s Major Economic Events

Another busy economic week is ahead of us as investors are trying to predict what the Fed will do next.

Bitcoin ends August and enters September under renewed pressure, but geopolitics won’t be the only factor traders need to watch this week.

Several important US economic reports are due between Tuesday and Friday, culminating with the August jobs report, which could significantly shift expectations for the Fed’s September meeting.

First Tests Arrive Tuesday

Monday is likely to be a quiet day on the economic front, but it saw military action between the US and Iran as both countries resumed attacks against each other. The impact on BTC was felt immediately, with the asset slipping by over two grand to just under $77,000.

Tuesday brings two reports capable of moving markets: the July JOLTS Job Openings and August ISM Manufacturing PIM, both scheduled for 10:00 ET. Economists expect job openings to decline slightly to around 7.27 million, from 7.36 million previously.

A stronger labor market could reinforce expectations that the Fed has room to raise rates again, potentially supporting Treasury yields and the greenback. Such environments are typically not favorable for risk assets like bitcoin.