The price of Bitcoin is consolidating around $110,000, while the market focuses its attention on the Federal Reserve's upcoming interest rate decision, which will be made on September 17.
Despite a surprisingly weak US employment report, which showed only 22,000 jobs added in August compared to the estimated 75,000, the crypto's price performance remains moderate.
Analysts suggest that this is because a rate cut is already fully anticipated.
Rachael Lucas, crypto analyst at BTC Markets, said:
"The soft U.S. jobs report did create expectations for a more dovish US Federal Reserve, which is normally supportive for risk assets like bitcoin. However, the market had already priced in some degree of policy easing. At the same time, we're seeing profit-taking by institutional desks, while ETF flows remain relatively flat."
At press time, BTC is trading at $112,046, +0.33% over the past day.