Bitcoin Faces Uncertainty Amid Market Caution and Key Economic Data

According to PANews, Adam, a macro researcher at Greeks.live, shared insights in a Chinese community briefing, highlighting a cautious and slightly bearish sentiment in the current market. The group generally perceives Bitcoin's recent performance as weak, with the critical price level of 108 being repeatedly tested without strong support. Members discussed the potential impact of a weekly MACD death cross, which could lead to institutional and large-scale investors exiting the market. They are also focused on the potential volatility that could arise from the non-farm payroll data release on September 5. The market is seen as lacking clear direction at present. On-chain data revealed a selling pressure of $3.5 billion yesterday. Interestingly, while Bitcoin experienced a significant drop, altcoins showed relative resilience, prompting a deeper analysis of the current market structure.