July Jobs Report Due Today: Will Bitcoin React Like Last Time?
The US Bureau of Labor Statistics releases July's nonfarm payrolls report today, with economists forecasting a gain of just 83,000 jobs and unemployment steady at 4.2%. Bitcoin (BTC) traders are wondering whether the reaction will mirror June's report.
June's report showed just 57,000 new jobs, a miss that sent Bitcoin jumping 4% before the rally faded within weeks. That pattern is worth noting ahead of today's print.
What Happened Last Time
June's payrolls came in far below the roughly 110,000 economists had forecast. Weak hiring data typically revives bets that the Federal Reserve will hold off on rate hikes, since lower rates ease liquidity conditions that support Bitcoin.
That played out almost immediately. Bitcoin jumped 4% to near $62,000 the day the June report landed, then climbed toward $64,000 over the following weekend as traders priced out a near-term hike.
The rally did not hold. Bitcoin slipped roughly 3% by the end of July, trading near $63,080, after three Fed policymakers dissented in favor of a rate hike at their latest meeting. Thirty-year Treasury yields climbed to their highest level since 2007 that same week.
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