BITCOIN STAYS BELOW $112K AFTER TOUGH JOBS REPORT AND FED CUT BETS

Summary from the TLDR Crypto newsletter

The August US jobs report revealed only 22,000 job additions versus 75,000 expected, pushing Fed rate cut probability to 100% for the September 17 meeting, yet Bitcoin failed to capitalize on this typically bullish macro development and remains below $112,000. Technical analysis shows BTC has confirmed a bearish double-top breakdown below the $111,982 neckline, with the next support level at $101,700 around the 200-day moving average. Despite impending rate cuts, analysts warn that Treasury yield volatility could increase, potentially creating financial tightening conditions similar to late 2024 when the 10-year yield actually rose from 3.6% to 4.8% even as the Fed cut rates. The upcoming August CPI data next week is expected to show continued inflation stickiness at around 2.9% year-over-year, which could limit the downside in Treasury yields and maintain pressure on risk assets like Bitcoin.