Bitcoin Price Prediction as U.S. Jobs Data Looms – How Will BTC React?
Bitcoin (BTC) began the week on a high note, soaring above $63,335 and hitting an intraday peak of $63,697. This bullish momentum, reflected in the overall crypto market’s significant gains, is attributed to multiple factors.
Bets on a September Fed rate cut weakened the US dollar, indirectly bolstering Bitcoin. Additionally, the impending $9 billion Bitcoin payout from Mt. Gox and the EU’s new MiCA regulation further boosted market confidence.
The US dollar’s recent decline, fueled by moderated inflation and expectations of Fed interest rate cuts, has provided a significant boost to Bitcoin.
Key Factors:
This confluence of factors has created a favourable environment for Bitcoin, as investors seek alternative assets in the face of potentially lower interest rates. The weakening dollar, in particular, makes Bitcoin a more appealing investment, as it is not tied to any single national currency.
However, the situation remains fluid, and any changes in economic indicators or Fed policy could significantly impact Bitcoin’s future trajectory. Investors are advised to closely monitor developments and exercise caution in a volatile market.
This week, the focus will be on the US NFP figures. The upcoming US jobs report on Friday, July 5th, could significantly impact the price of Bitcoin. While average hourly earnings are expected to rise by 0.3%, a slight miss from the anticipated 0.4%, the projected non-farm employment change of 189,000 jobs falls considerably short of the 272,000 forecast.
These figures suggest a mixed labor market outlook, potentially influencing the Federal Reserve’s interest rate decisions, which in turn could sway Bitcoin’s attractiveness as an investment.
Given the growing correlation between Bitcoin and the US
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