US data is starting to weaken in a way that the Fed can no longer ignore. Job openings fell to 7.08M, while consumer confidence dropped to 81.9 — the lowest level since 2014.
That weakness is already changing the policy conversation. New York Fed President John Williams said there is no need to rush into another rate hike, which helped reduce expectations for an October move.
For Bitcoin, that should be a better setup.
The problem is that the bond market is still keeping conditions tight. The 10-year Treasury yield remains near 5.23%, so capital is expensive even as the economic data softens.
BTC is trading around $83.1K and still has not turned the macro shift into a convincing recovery.
I’m watching $82.5K–$83K as support. If that zone holds and BTC gets back above $84K, the market may finally start pricing in a more cautious Fed.
If not, the correction remains the dominant story.
Bull Run 🐂