The market is paying attention to Ball's speech and non-farm payroll data this week, which may affect the trend of cryptocurrency.

The cryptocurrency market gave back some of last week's gains in early Asian trading on Monday, with analysts noting that the upward momentum of Bitcoin and Ethereum has weakened. Investors are focusing on an upcoming speech by Federal Reserve Chairman Jerome Powell and the release of U.S. labor market data on Friday, both of which could impact the market. According to The Block data, the price of Bitcoin (BTC) fell 2.09% in the past 24 hours to around $64,403. Last Friday, Bitcoin rose to nearly $66,500, the highest level since late July, after the release of weaker-than-expected personal consumption expenditure (PCE) data. China also announced a series of strong stimulus measures last week to revive its economy. Rachael Lucas, an analyst at Australian cryptocurrency exchange BTC Markets, said: "Bitcoin is showing overbought on the daily chart, and its price has retreated after reaching a high of $66,498 on Friday. Since then, the momentum has weakened." Lucas also said that Ethereum has struggled to regain momentum, losing steam after breaking above the 50-day simple moving average (SMA) last week. According to The Block data, the price of Ethereum (ETH) fell 1.69% in the past 24 hours to $2,626. Powell's speech and NFP Investors this week are focused on two key macroeconomic events - a speech by Federal Reserve Chairman Powell at 1:55 am Taiwan time on Tuesday at the National Association for Business Economics (NABE), and the U.S. non-farm payrolls (NFP) data on Friday. The market expects Powell to discuss the economic outlook and potentially provide insights into the Fed's monetary policy. "Powell's comments, especially on inflation and interest rates, usually move the market, and cryptocurrencies are no exception," Lucas said. "Any hawkish rhetoric could further exacerbate risk-off sentiment, leading to today's decline." However, Augustine Fan, head of insights at SOFA.org, said Powell is unlikely to make any market-moving remarks, "Investors may expect him to make similar comments to the last FOMC, especially given that recent inflation data has been favorable to his dovish stance since his last Q&A." The U.S. Department of Labor will release the monthly non-farm employment report this Friday, providing an overview of the U.S. job market and overall economic strength. While August data showed a weak U.S. labor market, BTC Markets' Lucas said the market expects September data to improve, "Stronger-than-expected employment data could reinforce the Fed's current rate stance, which would be potentially positive for risk assets, including Bitcoin and Ethereum." In terms of cryptocurrency prices, SOFA.org's Fan told The Block that the market may remain bullish in the short term, "As cryptocurrencies maintain high correlation with macro assets, especially relative to the SPX (S&P 500 index), we believe a friendly macro backdrop will continue to provide strong support for cryptocurrency prices in Q4." Fan added, "Additionally, with the Kamala Harris camp touting 'support' for cryptocurrencies in campaign rhetoric, we remain optimistic about near-term price trends, as investors shift to a 'buy the dip' mentality, and targeted put-selling strategies may gain traction."