Weak June Jobs Data Lifted Bitcoin to $62,000. Will Friday Send BTC Tumbling?
Bitcoin's last brush with a nonfarm payrolls report ended in a rally. Friday's edition of the same report may not treat traders as kindly.
Back on July 2, June's jobs data missed forecasts badly. The US economy added just 57,000 payrolls, far below the roughly 115,000 economists expected. Bitcoin jumped 4% to near $62,000 that day, then kept climbing toward $64,000 over the following weekend as traders bet the miss would keep the Federal Reserve from hiking rates.
Why This Time Looks Different
Friday's July payrolls report carries a much higher bar. Economists expect payrolls to rise by roughly 85,000 to 88,000, nearly double June's print, according to a Bloomberg survey of forecasters. Employers likely kept hiring at a steady pace in July even as geopolitical tension and elevated inflation weighed on the broader outlook.
A beat would argue against any rate cut. Fed officials have already floated another hike, and three policymakers dissented in favor of one at last week's meeting. That combination puts more weight on Friday's print than markets have placed on a single jobs report in months.
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