Crypto markets fell ahead of the release of US employment data. After a low volume trading session over the weekend, the crypto market has fallen 2.87% in the past 24 hours.
This comes as investors await the release of US employment data and assess recent statements by Treasury Secretary Scott Besant.
Currently, Bitcoin (BTC) has fallen below $108,000, down about 2.38% in the past 24 hours, trading at $107,862. Ethereum (ETH) has also fallen 3.76% to around $3,752.
Data shows that most altcoins have also underperformed Bitcoin, and investors' appetite for risk has decreased.
In an interview with CNN, Besant warned that the Federal Reserve's tightening policies may have pushed parts of the economy, particularly the housing market, into recession, and stressed that the conditions are now ripe for interest rate cuts. However, traders are concerned that rate cuts driven by economic weakness could increase short-term volatility.
According to analysts at Glassnode, Bitcoin has failed to break above $113,000 over the past three weeks, a level that is considered the average cost of short-term holders and the boundary between the bullish and corrective phases.
According to these analysts, a sustained break below this level would likely lead to a deeper decline. The next major support level is at $88,000.
