Despite another dip in cryptocurrency markets over the weekend, they have largely been moving in a limited range for the past six months.

Market analysts believe that Bitcoin’s “chopsolidation process” is underway, with swings becoming larger and more persistent, but the price range becoming volatile.

Some experts suggest that a big move could come in September, given the likelihood of a Federal Reserve interest rate adjustment. However, analysts note that September is historically bearish for Bitcoin.

Meanwhile, analyst Willy Woo analyzed the distribution of Bitcoin on exchanges, noting that BTC inflows from the German and US governments, as well as returns from the MT. Gox exchange, are “slowly being absorbed.”

Leverage in crypto derivatives is also declining, which is a good sign.

Bitcoin declined over the weekend, falling from around $59,000 to the $57,000 support level. However, the asset recovered slightly and reached $57,500 during the Asian trading session on Monday morning.

How will crypto markets react to this week’s key employment data?

The US economic calendar for this week is short but packed with data and reports, with the focus on jobs and employment.

Last week’s reports painted a rosy picture of a strong economy, solid consumer spending, and a gradual decline in inflation.

This is pushing the Federal Reserve to ease monetary policy as investors anticipate an interest rate cut this month.

Monday is a holiday in the US, but Tuesday will see the release of the ISM Manufacturing PMI reports for August. This data reflects business conditions in the manufacturing sector and is a measure of overall economic conditions.

The Job Openings and Labor Turnover Survey (JOLTS), nonfarm payrolls, and initial jobless claims will be released on Wednesday and Thursday. These reports provide data on new jobs created and the percentage of people actively looking for work in the previous month.

Additional employment data will be released on Friday and will provide key indicators as the central bank takes labor market developments into account when making decisions.

Fed Chairman Jerome Powell has emphasized that the central bank does not want to see a further cooling in the labor market, which is further underscored by Friday’s August payrolls data.

Very weak data could make a 50 basis point rate cut more likely, while strong data could rule out a larger cut.