Bitcoin Holds the Range

Bitcoin is holding the range between 22.4K and 23.9K. We are slowly edging toward the lower bound of this range. The NFP employment numbers today may not help things for crypto because there is a strong likelihood that the Fed will raise rates further, by at least 50bps at their meeting in September. Also the strength in the dollar suggests that investors are sitting heavy in cash for a while. Curb your enthusiasm for a strong crypto pump any time soon. Watch for support at 22.4K. If we break that, we should see further support at 20K.