The pullback from 79,000 ran through the day and support at 77,000 gave way during London, with price bottoming at 76,300 before turning back up to retest that level. The bid that carried Bitcoin off 63,000 stalled at 81,000 across two attempts, and we are now retesting the low end of the high volume node that built through late August, back inside August's value area and testing May's value area low near 76,900. Perp and spot CVD are both falling while open interest keeps climbing, with the next major long liquidation magnet below 76,000 and payrolls at the end of the week.
🔴 September 2, 9:46am ET
The pullback from 79,000 ran through the day and support at 77,000 gave way during London.
Price bottomed at 76,300 and has since recovered to 76,700. Whether 77,000 comes back as resistance is what tells us the break was real.
The debasement bid that carried price off 63,000 lost momentum at 81,000 across two attempts, and the pullback has been steady since.
We are now retesting the low end of the high volume node that built through late August. The profile thins out below 76,000, which is what makes that the level to watch.
Price has broken below Monday's range and now sits between two distant anchors, the yearly open at 87,600 overhead and the 30-day rolling VWAP at 71,700 below.
Neither is anywhere near price. With no major level close by, near-term structure is doing the work rather than the yearly anchors.
Price has slipped back inside August's value area and is now testing May's value area low near 76,900.
That low is the last shelf the monthly profiles offer up here. Losing it on acceptance leaves a long gap before the next reference comes into play.
Perp and spot CVD are both falling while open interest keeps climbing, which reads as sellers pressing rather than a quiet drift.
The next major long liquidation magnet sits below 76,000. That is where the fuel is if this becomes a flush rather than a grind.
Digital asset treasury companies are buying again, with Strategy and Strike both announcing nine figure purchases. Hyperliquid keeps building momentum on talk of regulatory approval for US access.
Iran tensions are re-escalating at the same time. Constructive flow and a live geopolitical risk are pulling against each other here.
Manufacturing PMI and job openings both landed close to expectations yesterday, a shade under consensus without changing the picture.
Services PMI prints tomorrow, then payrolls and the unemployment rate on Friday.
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The pullback that started from 79,000 ran through the whole session and support at 77,000 gave way during London. Price bottomed at 76,300 and has since turned back up toward that level, which makes the question whether 77,000 comes back as resistance or gets reclaimed outright. That single level is what separates a break from a shakeout.
The structure around it has thinned. The bid that carried price off 63,000 lost momentum at 81,000 across two attempts, and we are now retesting the low end of the high volume node that built through late August, with the profile thinning out below 76,000. Price has slipped back inside August's value area and is testing May's value area low near 76,900, the last shelf the monthly profiles offer up here. Above and below sit two distant anchors, the yearly open at 87,600 and the 30-day rolling VWAP at 71,700, neither of them near enough to matter today.
Positioning is leaning the same way. Perp and spot CVD are both falling while open interest keeps climbing, which reads as sellers pressing rather than a quiet drift, and the next major long liquidation magnet sits below 76,000. Against that, digital asset treasury companies are buying again with Strategy and Strike both announcing nine figure purchases, Hyperliquid keeps building momentum on talk of regulatory approval for US access, and Iran tensions are re-escalating. Manufacturing PMI and job openings landed close to expectations yesterday; services PMI prints tomorrow and payrolls Friday.