Concerns about the U.S. economic decline resurface, and the direction of BTC is hard to find.

The 'September Curse' continues to loom over the financial markets, with struggles in the US stock and crypto markets on Wednesday. The data from the US Bureau of Labor Statistics on job vacancies and labor turnover survey shows that in July, job vacancies decreased from a revised 7.91 million to 7.67 million, lower than all economists' expectations. Job vacancies in July dropped to the lowest level since the beginning of 2021, with an increase in layoffs, consistent with signs of a slowdown in other labor demands. Following the release of this data, the FED WATCH tool at the Chicago Mercantile Exchange indicates a 49% probability that the Federal Reserve will cut interest rates by 50 basis points on September 18. Additionally, the US 2-year/10-year Treasury yield curve has turned positive for the second time since 2022, intensifying investors' concerns about a US economic recession. In the US stock market, as of the closing on that day, the S&P 500 and Nasdaq indices fell by 0.16% and 0.30% respectively, while the Dow Jones index rose by 0.09%. According to Bybt data, Bitcoin broke below the $56,000 support level in the early hours of Wednesday, hitting an intraday low of $55,567, before bulls pushed it back above $58,000. At the time of writing, the $BTC trading price is $58,010, with a 0.25% decrease in the last 24 hours. The altcoin market's performance is mixed, among the top 200 tokens by market capitalization, 1inch Network (1INCH) leads with a 21.6% increase, followed by Aave (AAVE) and GMT (GMT) with gains of 11.9% and 11.6% respectively. Sun (SUN) is the biggest decliner, dropping by 9.2%, while Flux (FLUX) and Toncoin (TON) fell by 8.5% and 7.4% respectively. Currently, the total market capitalization of cryptocurrencies is $2.03 trillion, with Bitcoin's dominance at 56.5%. Analysts at Secure Digital Markets noted in their report: 'RSI has been forming a bullish divergence since last week, indicating a possible weakening of selling pressure. Despite these short-term signals, long-term technical indicators remain unclear, and Bitcoin is still in the middle of a long-term downtrend channel without a clear direction.' Market analyst Bloodgood warned that this weakness may persist for some time and could lead to Bitcoin falling below $50,000. In the latest market update, Bloodgood stated: 'Bitcoin's retracement continues, and we saw a breakthrough of the accumulation area that looked weak last week before the end of this week. Breaking below the accumulation area may confirm our theory of a possible new low. If so, $46,700 is within reach, and placing bids around this level may be wise. If bulls manage to push Bitcoin back above the breakout area around $59,000, this theory will be invalidated.' Apart from the correlation between the trends of Bitcoin and tech stocks, Bloodgood mentioned that the real driving force of the market is still the Federal Reserve. He pointed out that the recent pullback of tech stock newcomer Nvidia has led the overall market decline, with the crypto market following suit, but this will not change the long-term prospects of cryptocurrencies. He added: 'More importantly, it is how the Federal Reserve and the Treasury Department will act to stabilize the stock market and keep bond yields at acceptable levels. With the elections approaching, they will act quickly. The timing of the Fed's rate cut is earlier than expected, which is why most people's main goal should be not to be scared off by volatility during this period.' While investors eagerly await the first rate cut, crypto data analyst $Brett on the X platform reminds users that historical data shows rate cuts are often accompanied by significant stock price declines, and there is no reason to believe this time will be different. He analyzed on Twitter: 'We are 15 days away from the Fed's first rate cut of this round. Using the same timeframe, I overlaid the following past rate cut cycles: 1981, 1990, 2000, and 2007. These four rate cut cycles match the data we are currently seeing (rising unemployment, 10-year/2-year yield inversion, etc.), the bullish view is that rate cuts are good for the market, which is true in the long run... but history shows that after rate cuts, the market on average rises for 25 days, followed by an average of 13 months of selling.'