Bitcoin Drops Below $77,000 as U.S. Economic Data Set to be Released This Week

Bitcoin has fallen by over $2,000, dropping below $77,000. Traders are focusing on the U.S. economic data for August, which could alter expectations for the Federal Reserve's September meeting. The economic data will kick off with the Chicago Purchasing Managers' Index on Monday. On Tuesday, the ISM Manufacturing PMI and the Job Openings and Labor Turnover Survey (JOLTS) will be released. It is expected that the number of job openings will decrease from 7.36 million to 7.27 million. On Wednesday, the ADP Nonfarm Employment Change report will be published, and on Thursday, the weekly unemployment claims and the services index will be provided. The most significant event of the week will be the U.S. employment report for August, which is set to be released on Friday. It is anticipated that the economy will create 58,000 jobs, with the unemployment rate remaining at 4.1%. Stronger-than-expected data could increase the likelihood of a rate hike and intensify selling pressure on Bitcoin. Conversely, weaker reports may help alleviate pressure on the crypto market.

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