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<p class="is-style-lead">Bitcoin price continued its slow retreat after the weak US jobs report and as the crypto fear and greed index dropped to the fear zone.</p> 
<h2 class="wp-block-heading" id="weak-us-jobs-data">Weak US jobs data</h2> 
<p>Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) dropped to a low of $56,800 after ADP published a weak private payrolls report. According to the company, the American economy created just <a href="https://www.investing.com/economic-calendar/adp-nonfarm-employment-change-1" target="_blank">99,000 jobs</a> in August, the lowest increase in over two years. The figure was much lower than the median estimate of 144k.</p> 
<p>On Wednesday, Sep. 4, a separate report by the Bureau of Labor Statistics revealed that the number of job vacancies fell to 7.7 million in July, the lowest number since 2021.&nbsp;</p> 
<p>Therefore, there is a risk that the BLS will publish another weak nonfarm payroll report on Friday. Economists expect the numbers to show that the unemployment rate remained at 4.3% as the economy added 164k jobs.</p> 
<p>These numbers suggest that the Federal Reserve will likely deliver a <a href="https://crypto.news/bitcoin-raced-to-62k-as-fed-teased-september-rate-cut/" target="_blank">rate cut later this month</a>. This serves to explain why the US dollar index has retreated to $101.18 while the yield curve has disinverted.&nbsp;</p> 
<p>In theory, these numbers should be bullish for Bitcoin and altcoins like Ethereum (<a rel="" href="https://crypto.news/price/ethereum/">ETH</a>) and Solana (<a rel="" href="https://crypto.news/price/solana/">SOL</a>). For example, stocks and cryptocurrencies rallied to record highs when the Federal Reserve started cutting in 2020.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">This is important. <br><br>Job Openings – The worst in 3 years.<br>ADP data – The worst in 3+ years.<br><br>The economy is weakening substantially, through which <a href="https://twitter.com/hashtag/Gold?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank">#Gold</a> rallies upwards. <br><br>I suspect that the FED needs to cut rates by 50bps to stay ahead of everything happening and that the…</p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1831683632806723742?ref_src=twsrc%5Etfw" target="_blank">September 5, 2024</a>
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<p> You might also like: <a rel="" href="https://crypto.news/polymarket-78-of-users-wager-on-25bp-fed-rate-cut/"> Polymarket: 78% of users wager on 25bp Fed rate cut </a> </p> 
<h2 class="wp-block-heading" id="crypto-fear-and-greed-index-slips">Crypto fear and greed index slips</h2> 
<p>Bitcoin’s price retreat happened as a sense of fear spread in the crypto industry. The closely watched crypto fear and greed index dropped to the fear zone of 34, its lowest level in over a month.</p> 
<p>A likely reason for this fear is the ongoing concern over a recession in the United States, following a series of weak economic numbers.</p> 
<p>Additionally, Bitcoin demand among institutional investors has waned, with spot Bitcoin ETFs experiencing outflows for the past seven consecutive days. They have lost over $802 million in assets during this period, according to <a href="https://sosovalue.com/assets/etf/us-btc-spot" target="_blank">SoSoValue</a>. <a href="https://crypto.news/spot-bitcoin-and-ethereum-etfs-see-2nd-consecutive-day-of-joint-outflows-streak/" target="_blank">Ethereum ETFs have also had net outflows </a>of $562 million since inception.</p> 
<h2 class="wp-block-heading" id="bitcoin-s-weak-technicals">Bitcoin’s weak technicals</h2> 
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  Bitcoin price | Chart by <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE" target="_blank">TradingView</a>
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<p>Bitcoin has also shown some weak technical indicators, and the situation may worsen. It has formed a series of lower highs at $73,800, $72,000, and $70,000. There are also signs that it will form a death cross as the 50-day and 200-day Exponential Moving Averages are about to cross each other.</p> 
<p>Golden and death crosses are some of the most feared patterns in technical analysis. Bitcoin formed a golden cross in October 2023, leading to a 170% surge to a record high of $73,800. It also dropped by over 67% when it formed a death cross in January 2022.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/experts-weigh-in-on-whether-bitcoin-can-break-free-from-septembers-bearish-narrative/"> Experts weigh in on whether Bitcoin can break free from September’s bearish narrative </a> </p>

Bitcoin slips below $57k, fear and greed index points to more downside

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