Bitcoin Wavers Ahead of U.S. Jobs Data, Will It Revisit $60,000?
As Bitcoin (BTC) fell below $67,000 and showed signs of breaking beneath the lower boundary of its range, market attention has turned to the U.S. Nonfarm Payrolls (NFP) report.
According to investment media outlet FXStreet on February 11 (local time), Bitcoin continues its downward trend after breaking below the $67,300 support level on the 4-hour chart. This area marks the lower boundary of the recent consolidation range formed between $67,300 and $71,751, and analysts suggest that a clear close below this level could open the door to further correction.
Despite the price weakness, institutional fund flows are showing some resilience. Data from SoSoValue indicates that U.S.-listed spot Bitcoin ETFs recorded net inflows of $166.56 million on Tuesday alone, marking three consecutive trading days of net inflows since last Friday. The outlet noted that expanding ETF inflows could serve as a catalyst for a short-term rebound.
A key variable likely to drive market volatility is the U.S. January Nonfarm Payrolls report. The U.S. Bureau of Labor Statistics (BLS) will release the delayed employment report today after a partial government shutdown. Markets expect January payrolls to increase by 70,000, an improvement from December’s 50,000 gain. The unemployment rate is projected to remain steady at 4.4%, while average hourly earnings are expected to rise 3.6% year-over-year, slowing from the previous 3.8% increase.
If employment data comes in stronger than expected, concerns over prolonged monetary tightening by the Federal Reserve could intensify, strengthening the dollar and adding further selling pressure to risk assets such as Bitcoin. Conversely, signs of labor market cooling could revive expectations of rate cuts and provide room for a rebound in risk assets.
Technically, downside risks appear dominant. On the 4-hour chart, the Relative Strength Index (RSI) stands at 37, below the neutral 50 level, signaling bearish momentum. The Moving Average Convergence Divergence (MACD) indicator also formed a bearish crossover on Tuesday. A clear break below $67,300 could lead to a retest of last Friday’s low at $60,000. On a rebound, the 50-period Exponential Moving Average (EMA) at $71,422 on the 4-hour chart and the upper range boundary at $71,751 are cited as key resistance levels.
Disclaimer: This article is for investment reference purposes only and we are not responsible for any investment losses based on this content. The information provided should be interpreted for informational purposes only.
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