Bitcoin rallied last Friday after Federal Reserve Chair Jerome Powell’s prepped the market for an interest rate cut in September.
However, these gains have faded, with Bitcoin back to where it started last Friday; around $112,000.
The market’s focus is now shifting to the upcoming U.S. Non-Farm Payroll (NFP) report, scheduled for release next week, which could greatly influence interest rates expectations.
Strong job data may reduce the likelihood of a September rate cut.
And with an Orwellian portrait of Trump now hanging from the Department of Labor Building, and his administration potentially pressuring the Bureau of Labor Statistics to inflate job numbers, this scenario is becoming a real possibility. If this happens, we could expect price action to test the lower Fibonacci retracement levels, such as the 141.4% at around $109,900 or further at $108,700.
For the exact date and time of these major economic events, import the BlackBull Markets Economic Calendar to receive alerts directly in your email inbox.
Trading involves risk and may not be suitable for all investors. The information provided in this article is for educational purposes only and does not constitute financial advice. Always conduct thorough research and seek professional advice before making any investment decisions.
