$BTC Today is Labor day so volumes and volatility will likely remain low.
There's some liquidity that has built up on both sides during the weekend. Keep an eye out for these levels and how price reacts around them in the short term.
Tomorrow we'll see where this wants to heads to next.
BTC was close to a breakout last week but got slammed back down after the high NFP report. It recovered some since then but is still yet to break the $83K resistance.
The Weekly RSI Levels of $BTC , $ETH and majors have gone up but it still mostly sitting below the 60 mark.
That almost signals a transition into the 60-80 area where $BTC tends to flourish during up trends. Right in that sweet spot where you're having a lot of momentum but are not quite overbought yet.
That'd when the trend tends to feel like "easy mode".
🇯🇵 BREAKING: Japan DUMPED a record $88 BILLION of foreign securities in August to fund its massive yen intervention, per Bloomberg.
Nearly 80% of Japans total foreign exchange reserves is in US dollar-denominated assets, primarily US Treasuries and dollar deposits.
Japan’s reserves plunged -6.2% to $1.208 TRILLION, their lowest since October 2022, after Tokyo spent a record ¥15.4 TRILLION ($98.7B) buying yen to support the currency.
The intervention triggered the BIGGEST monthly drop in Japan’s reserves ever, with foreign securities falling $87.8B during the month.
🇺🇸 Senator Cynthia Lummis warns that if the CLARITY Act fails this Congress, U.S. crypto market structure rules could be delayed until 2030.
The Senate faces a critical procedural vote on September 15, requiring 60 votes to move forward.
My take: This is bigger than one crypto bill. Without clear rules, the U.S. risks losing institutional capital, innovation and regulatory leadership to other markets.
Will Congress finally get crypto market structure legislation across the finish line? 👀
The market will get really fun if the total altcoin market is able to properly break this current resistance.
This level has held both as support and resistance multiple times over the past 2 years.
It marked the start of the post election run that made this move 2x in only a month at the end of 2024. That was also the last time alts as a whole really outperformed and our last decent "alt season".
Not expecting a similar reaction here, but just noting how important this area is to break to flip the market structure around.
$BTC Big high timeframe market structure breaks never go easily.
Often we see BTC chop around and sweep local highs as it is slowly creeping up. Many people try to front run both the breakout and a potential breakdown, causing a lot of squeezes and choppy price action.
But even in a bearish scenario, I do still think it makes a lot of sense for BTC to take out that $83K high from a liquidity perspective.
Personally though, I suspect that break leads to further squeezing/buying which likely brings this higher.
We will see next week. My invalidation remains $74K in the short/mid term.