Bitcoin is trading in a low-volume environment, showing no upward or downward movement, hovering around the $55K mark, a key level to watch. Any notable news, whether positive or negative, could have an immediate impact on the entire market. BTC funding rates on exchange futures are mostly negative, indicating that retail is anticipating a dump. Historically, such setups have triggered short liquidations, leading to rallies.
Bitcoin dominance (BTC.D) is breaking its trend and moving downwards, while altcoins are holding well. This could imply that altcoins are at their lowest level and poised for a strong bounce. Meanwhile, smart money continues to accumulate in Bitcoin.
Key upcoming events include U.S. CPI on Sept. 11 and PPI and jobless claims on Sept. 12, which could provide market direction.
