Daily News: Bitcoin Reclaims $110k as ISM Data Looms
Bulls eye $114k while macro catalysts return with U.S. markets reopening.
🪙 Crypto Market
Bitcoin has bounced back above $110,000 after defending support near $107,300 to start the week. Tuesday is shaping up as an important session with U.S. markets reopening and the release of the ISM Manufacturing Index.
Historically, an ISM reading above 50 has coincided with stronger crypto performance. If today’s print surprises to the upside, it could provide the catalyst BTC needs to push higher.
Chart Setups
Momentum from Monday’s rebound must continue to avoid new lows. Several bullish price structures are now at key inflection points:
A successful push could bring a retest of $114k, while a break of that level opens the door toward the monthly pivot at $113.3k and beyond.
Failure to hold $109k–$110k would undermine the short-term recovery.
Positioning & Sentiment
Spot order books showed the largest buy imbalance since June near Monday’s lows — historically a precursor to bigger rallies. Meanwhile, leverage positioning leaned short into the recovery, creating the potential for a squeeze higher.
Institutional traders also increased long exposure, with average cost bases near $119k. Historically, price tends to catch up with those levels over time. Still, momentum gauges remain elevated, warning that rallies may not yet “stick” without follow-through.
Altcoins
Ethereum is attempting to lift from critical pattern support, and Solana needs to confirm follow-through this week. Without strength from large-cap alts, any BTC recovery risks losing momentum.
Final Word
The crypto market feels primed for a volatile week. For bulls, it’s critical that Bitcoin keeps building above support and turns the focus toward $114k and beyond. Failure to do so could quickly revive bear case levels.
🌍 Global Macro & Markets
Global trading started the week quietly with U.S. markets closed for a holiday. Attention now shifts to a packed macro calendar: Eurozone inflation today, ISM Manufacturing in the U.S., and nonfarm payrolls on Friday.
Fed policy: Markets continue to price a September rate cut after dovish comments from Powell at Jackson Hole. Political pressure from the White House on the Fed remains a risk backdrop.
FX: EUR/USD is steady near 1.17; GBP/USD trades just above 1.35. USD/JPY consolidates.
Gold & Silver: Both extended gains, with gold hitting fresh record highs near $3,508. Silver followed with a 2% rise, holding above $39.
Oil: Brent crude remains range-bound around $66–68.
Equities: European and Asian markets opened mixed; U.S. futures flat ahead of ISM.
Upcoming data will be crucial in setting tone across assets. A stronger ISM could support risk sentiment, while payrolls on Friday remain the week’s main event.
📌 Key Takeaways
Bitcoin bounced back above $110k; next key test $114k
ISM Manufacturing data could provide a short-term catalyst
Spot flows and retail positioning suggest squeeze potential
Gold hit record highs, silver strong above $39
Global focus on Eurozone CPI, U.S. ISM today, and payrolls Friday
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