• The US will publish the latest non-farm payrolls (NFP) data and economists are expecting strong numbers.
• Bitcoin price has been in a tight range in the past few months, dropping by more than 22% from its highest level in November.
• If the data shows strong jobs numbers, it could be bearish for Bitcoin as it could influence the Federal Reserve to hike rates.
The upcoming US non-farm payrolls (NFP) data could have a significant impact on the Bitcoin price. Bitcoin has been in a tight range in the past few months, with the price fluctuating between last month’s low of about 16,285 and a high of 18,455. In the last few weeks, Bitcoin has been in a consolidation phase, with the price dropping by more than 22% from its highest level in November.
Economists surveyed by Reuters believe that the economy added more than 200k jobs while the unemployment rate remained at 3.7%. The average hourly earnings are expected to have risen by 5.0% while the participation rate is expected to remain at 62.1%. These numbers will come a day after ADP published strong jobs numbers, showing that the economy added 235k jobs.
The US jobs numbers have a significant impact on the Bitcoin price because they tend to influence the Federal Reserve. The Fed has a dual mandate to ensure that inflation and unemployment rate are steady. If the data shows strong jobs numbers, it could be bearish for Bitcoin as it could influence the Fed to hike rates. In 2022, the bank hiked rates by 450 basis points.
The upcoming NFP data could have a significant impact on the Bitcoin price. If the data shows strong jobs numbers, it could lead to a selloff of Bitcoin as investors become concerned about the Fed’s reaction. If the data is weak, it could lead to a rally as investors become more optimistic about the future of Bitcoin.
It is important to remember that the NFP data is just one of the many factors that influence the Bitcoin price. Other factors such as geopolitical tensions, economic news, and technical analysis also play an important role. Investors should keep an eye on all the factors that could influence the Bitcoin price before making any decisions.