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Bitcoin (BTC) 
$103,967 price has been steadily climbing since it fell to $91,200, with hourly candles showing green. However, in the last three hourly candles, the trend has turned red again. As the article is being prepared, crucial weekly data has been released, raising questions about the future of cryptocurrencies.
US Data and Its Impact on Cryptocurrencies
Following the release of JOLTS and ISM PMI data this week, the BTC price experienced significant losses, particularly impacting altcoins. The latest employment data is now available, which is critical for BTC price direction. Continued interest rate cuts are significant for BTC, and if employment weakens, expectations of a single rate cut by the Fed this year could change.
Key Employment Figures Released
The unemployment rate was reported at 4.1%, while the previous expectation was 4.2%. Non-Farm Payrolls (NFP) were expected to show a decline from 227,000 to 165,000, but the actual number was much higher. Average earnings are expected to show a 4% increase.
The released data indicates:
- US Unemployment Rate Released: 4.1% (Expectation: 4.2 Previous: 4.2)
- Non-Farm Payrolls Released: 256K (Expectation: 165K Previous: 227K)
The data is dismal for risk markets, highlighting a discrepancy with ADP data. This situation could lead to further declines in cryptocurrencies and intensify concerns over the Fed’s ability to implement a single rate cut this year. The dollar index surged to 109.7, the SPX market fell pre-market, and bond yields increased. Short-term US interest rate futures dropped after the employment data, as traders reduced their predictions for a second rate cut by the Fed this year.
