As the pivotal US non-farm wages (NFP) reports for March are approaching, Bitcoin (BTC) Bulls are in a situation reminiscent of the character Two-Face (Harvey Dent) from the movie “The Dark Knight”, which turns coins to make decisions, confidently controlling fate.
It’s a classic case of “heads I win, tails you lose,” which means Bitcoin Bulls is likely to come out on top after the upcoming job report, whether the data reveals the strength or weakness of the labor market.
This situation arises from President Donald Trump’s Wednesday announcement of sweeping tariffs affecting 180 nations, which gets forward markets at price in recession risks and expectations of cuts in the Federal Reserve Rate.
Therefore, stronger than expected job data, which typically strengthens the dollar and pressures risk assets like BTC, can be rejected as outdated with a view of the recent development that is the result of Trump’s policy. Therefore, any dip in BTC after a potentially hot NFP report can be quickly reversed, leading to gains.
On the other hand, weak data would only add recession fears and strengthen fed frequency -cut bets that stopped renewed risk taking in the financial markets.
At the time of press, Bitcoin changed hands to $ 84,190 after hit low under $ 82,000 on Thursday, per. Coindesk -Data. The fact that prices have stayed well over the $ 77,000 low, despite the maximum customs uncertainty indicates the seller’s fatigue and potential for a price increase.
Volmex’s Bitcoin-EN-Day hinted at the volatility index accounted for an annual 65%, indicating an expected price swing of 3.4% over the next 24 hours.
The job data will be due at. 12:30 UTC. According to the fact, the median estimate of the total employment employment in March in March is 130,000, down from February 151,000 Tally. The unemployed rate is expected to have risen to 4.2% from 4.1%.
At the forefront of the data release pricing prices 100 base points for bold rate cuts this year, with the first move expected to happen in June, according to CME’s FedWatch tool.
