Bitcoin faces CPI and PPI tests this week, with market odds of a Fed rate hike in September rising to 58.4%.

BlockBeats News, September 7 - Bitcoin faces a series of key macro events this week. The U.S. August PPI and CPI will be released on Thursday and Friday respectively, and the Federal Reserve will announce its interest rate decision on September 16. CME FedWatch data shows that the market currently estimates a 58.4% probability of a 25 basis point rate hike to 3.75%-4%.

Meanwhile, Japan's record currency intervention and its potential U.S. Treasury sell-off have also become market focal points. Japan's foreign exchange reserves have decreased by approximately $79.57 billion since the end of July, and the market believes Japan may sell U.S. Treasuries to fund yen intervention. Polymarket data shows that the probability of the Bank of Japan raising rates by 25 basis points in September currently stands at 98%. Changes in the yen and carry trades may further impact global liquidity and the crypto market.

On the on-chain data front, CryptoQuant points out that the recent BTC rally has been primarily driven by the futures market, without synchronized confirmation from spot demand. Derivatives open interest increased by approximately $2.3 billion in a single day to $27.53 billion, while spot demand remains negative, suggesting that the sustainability of the current uptrend is still in question.

On the technical side, BTC achieved its first weekly close above $80,000 for consecutive months this week, but strong selling pressure remains near the $80,000 level. Meanwhile, BTC's weekly Supertrend indicator has turned to a "buy" signal for the first time since November 2025, with similar signals previously appearing after the bear market bottomed out in early 2023.