Nischal Shetty, Founder, WazirX
“US services PMI rose to 55.4, supporting confidence and demand for Bitcoin and Ethereum, but the 72.6 price index signals inflation that could keep crypto liquidity tight. Low jobless claims reinforce risk appetite, while weaker exports and a wider trade deficit may lower growth and yields, benefiting digital-asset valuations. A Fed pause would support ETF flows, whereas Bank of Japan tightening could unwind carry trades and trigger volatility. Brent above $95 threatens easing. Overall, crypto’s backdrop remains constructive.
Bitcoin trades near $81,000 in a bullish daily structure, with RSI near 71 indicating elevated momentum. Immediate support sits at $79,700-$80,000, while $81,000-$81,500 forms resistance. Holding support could sustain buyer control; clearing resistance may strengthen momentum, while losing support would expose secondary support around $78,400-$78,850 during near-term consolidation.
Ethereum trades near $2,506 with a strong bullish daily setup and neutral RSI near 67. Immediate support rests around $2,460-$2,480, while $2,520-$2,550 represents resistance above the psychological $2,500 level. Futures traders may monitor volume, open interest, and funding before confirming broader upside participation.
Zcash trades near $940 after a strong advance, with moving averages firmly bullish but RSI near 74 showing stretched momentum. Immediate support is at $908-$920, while $950-$975 marks nearby supply. Remaining above support could protect the uptrend; a breakdown would bring the $845-$850 secondary zone back into focus for traders.
Global risk appetite strengthened as the Dow gained 1.18%, the S&P 500 rose 1.06%, and the Nasdaq advanced 1.40%, while the VIX dropped 5.79% to 14.32. Asian equities were broadly positive, led by the Hang Seng at 2.03% and KOSPI at 1.13%, despite Sensex weakness. Gold slipped 0.43%, signaling limited defensive positioning, while oil rose 0.69%. Stronger equities, lower volatility and broad Asian participation create a constructive backdrop for crypto demand and capital rotation globally.
US spot Bitcoin ETFs recorded roughly $135 million in net outflows week-to-date through September 2, as a $101 million daily rebound only partly offset earlier withdrawals, while Ethereum ETFs saw about $37 million in net outflows over the same period. Bitcoin subsequently rallied above $81,000, while Ether reclaimed $2,500. ETF flows do not always translate directly into price gains, as macro conditions, derivatives positioning, profit-taking, and broader spot-market activity can offset institutional demand.”
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