Bitcoin Dips to $66K as Market Awaits US Jobs Data
- Bitcoin is currently trading at $66,898, down approximately 3% from the previous day.
- The U.S. Bureau of Labor Statistics will release the January Nonfarm payrolls and unemployment rate on February 11.
- Wall Street estimates a gain of about 70,000 jobs in January, up from a revised figure of 50,000 in December.
- The unemployment rate is projected to remain steady at 4.4%, with average hourly earnings expected to rise by 0.3%.
- Higher-than-expected job growth could reduce the likelihood of a Federal Reserve rate cut in June.
Market participants are closely monitoring the upcoming jobs report, which may significantly influence Bitcoin prices and overall market trends. A strong jobs report could lead to increased expectations for Federal Reserve actions regarding interest rates.
Currently, Bitcoin’s price is near critical support levels, with analysts noting that failure to hold could lead to further declines toward last week’s low of $60K. (Source)
