Bitcoin (BTC) lost ground in early trading on Friday after closing more than 3% lower yesterday as investors braced for the highly anticipated 澳洲幸运5官方开奖结果体彩网:August jobs report due this morning, a key piece in the puzzle for gauging the timing and size of widel꧒y expec▨ted interest rate cuts by the Federal Reserve later this month.

Although market participants anticipate a reduction of 25 澳洲幸运5官方开奖结果体彩网:basis points in the influential federal funds rate, a weaker-than-expected reading on employment may increase the possibility of a 50-basis-point cut. Rate cuts could provide a boost to the legacy cryptocurrency, which has fallen around 24% since setting its 澳洲幸运5官方开奖结果体彩网:record high on March 14 amid a lack of new narratives to drive bullish 澳洲幸运5官方开奖结果体彩网:sentiment.

Below, we’ll dial in on Bitcoin’s 澳洲幸运5官方开奖结果体彩网:technicals and locate important 澳洲幸运5官方开奖结果体彩网:support and resistance chart levels to watch out for.

Rangebound Conditions Persist

Bitcoin’s price has oscillated within an orderly channel-like pattern since topping out in March this year, testing the 澳洲幸运5官方开奖结果体彩网:rangebound-period’♋s upper and lower trendlines on multiple occasions over the past six months.

However, more recently, a rally from the channel’s lower levels last month fizzled around the 澳洲幸运5官方开奖结果体彩网:200-day moving average (MA), with the cr🅰yptocurrency now trading back towards the pattern’s lower trendline. Bi꧑tcoin was trading around $56,000 Friday morning.

It’s also worth pointing out that Bitcoin volumes on Coinbase (COIN), the largestꦇ U.S. cryptocurrency🅰 exchange, remain significantly lower compared to earlier in the year, raising the possibility for sudden price fluctuations due to reduced liquidity.

Looking ahead, investors sh🍒ould monitor several ke♒y areas on Bitcoin’s chart likely to command attention.

Support Levels to Watch

If Bitcoin’s price continues to grind lower, keep an eye on the $53,000 level, a location on the chart just below the channel’s lower trendline where the cryptocurrency could find support near a range of narrow 澳洲幸运5官方开奖结果体彩网:consolidation that followed aꦅn impulsive move higher in earl💝y February.

A 澳洲幸运5官方开奖结果体彩网:breakdown below this important technical level opens the door for a decline to the $47,000 area, where Bitcoin bulls may step in to defend a range of comparable trading levels positioned slightly below the January 澳洲幸运5官方开奖结果体彩网:swing high.

Resistance Levels to Monitor

Upon an upside reversal, investors should monitor the $65,000 level. A rally into this area would🀅 likely face resistance from both last month’s high and the flattening 200-day MA.

A successful close above this level could see Bitcoin’s price revisit the $68,500 area, where traders who have bought recent lows may be happy to 澳洲幸运5官方开奖结果体彩网:lock in profits neaജr the channel’s up﷽per trendline and July peak.

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As of the date this article was written, the author does not own any of the above securities.