After a weak end to August, crypto markets began September with a noticeable rebound: bitcoin climbed from roughly $107,500 at the start of the month to highs near $111,700 as U.S. traders returned from the long weekend. At press time bitcoin was trading around $111,600, up about 2.5% over 24 hours. Solana rose to about $200.36 and XRP to roughly $2.79, while ether remained largely flat after a strong August.
A coordinated lift in risk assets helped drive the move. U.S. stocks opened sharply lower—spurred by negative tariff headlines and rising global long-term yields—with the Nasdaq down nearly 2% early. Buyers stepped in, however, and about 90 minutes after the open major indices had roughly halved their losses, a rebound that typically supports crypto flows.
Macro data is shaping the backdrop. The ISM manufacturing index for August came in at 48.7, signalling ongoing contraction; its Prices Paid subindex eased to 63.7 versus forecasts near 65.3 and July’s 64.8. The market’s focus now turns to Friday’s U.S. employment report. Strong payrolls or wage gains could complicate the Federal Reserve’s apparent plan to cut rates later this month; conversely, softer-than-expected jobs data could reopen discussion of a larger cut (for example, 50 basis points) rather than the widely forecast 25.
On-chain indicators and order-book depth suggest larger-sized bids returned, hinting at renewed institutional participation behind the bounce.
Why traders should care: bitcoin remains sensitive to moves in equities and interest-rate expectations, so macro surprises can quickly reverse recent gains. The price bounce suggests short-term buying interest, but investors should watch key technical levels—near-term support around $107,500 and resistance close to $111,700—and be prepared for volatility around the jobs release.
Risk note: market moves here reflect macro and liquidity dynamics; this is not investment advice. Volatility can be rapid and capital is at risk.
Source: CoinDesk. Read the original coverage for full details.