Analysis: Bitcoin falls below key support as slowing employment data and seasonal weakness combine

According to Matrixport analysis, Bitcoin has fallen below the key technical support level of $112,000 over the past few weeks, shifting market sentiment. This decline is a continuation of seasonal weakness from August, coupled with macroeconomic uncertainty stemming from downward revisions to labor market data. A similar situation occurred last year, when the Federal Reserve unexpectedly cut interest rates by 50 basis points amid market pressure. Markets are currently pricing in two rate cuts, with the first likely to occur in September. Risk assets are likely to continue to weaken until economic and market fundamentals improve.