Bitcoin (BTC) Slips Back to $58K in Continued Desultory Action, but Next Week Could Offer Upside Excitement

It's been a rough August, with the world's largest crypto set to close the month with a double-digit percentage loss.

Bitcoin (BTC) was again trending lower during U.S. trading hours on Friday, sliding back to $58,000 just before noon on the east coast. The world's largest cryptocurrency is now down 4.4% over the past 24 hours, largely outperforming the broader market.

Bitcoin's lackluster price performance comes despite a bevy of positive catalysts, including growing institutional adoption, a possibly friendlier regulatory environment, and coming Federal Reserve rate cuts. The crypto hit an all-time high near $73,500 more than five months ago, and has since lost 20%.

A bit more than 24 hours from the close of August, bitcoin has tumbled more than 12% for the month, more than reversing what had been a strong July. Ether (ETH) is now lower by 25% for August, narrowing its year-to-date gain to just 7%. Solana (SOL) is also off 25% for August and posting a 31% year-to-date advance.

Those thinking there's a familiarity to this lame price action are not imagining things. "Asia bids, America dumps," wrote Miles Deutscher earlier on Friday. The cumulative return for bitcoin during Asia trading hours over the past two weeks has been more than 5%, according to Deutscher, while the crypto has posted a negative return during U.S. hours.

"Like clockwork," he added minutes ago as bitcoin once again sold off in the U.S. morning.

The jobs report is set to cross the wires on Friday, Sept. 6. The July jobs report was a weak one and likely was the final straw forcing the Fed's hand in promising a September rate cut. Currently, however, market expectations are for only a meek 25 basis point cut in mid-September.

A second consecutive weak jobs print, though, might have investors quickly pricing in a 50 basis point move by the central bank, delivering a strong positive jolt to risk markets, bitcoin among them. The flip side, of course, would be a strong September employment report and the subsequent tempering of the market's outlook for easier monetary policy.

Whatever happens, volatility likely lies ahead, and there's probably about a 50% chance it's to the upside. At this point, the bulls would happily take those odds.

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