Bitcoin is on the verge of falling below $70,000 for the first time since Wednesday, after climbing as high as $74,000 earlier this week.
The decline reflects a broader risk-off shift in markets as investors position themselves ahead of key US macroeconomic data and the developing war in Iran.
For now, attention is focused on the US jobs report due at 13:30 UTC. The unemployment rate is expected to remain unchanged at 4.3%, while nonfarm payrolls are expected to fall to 59,000.
Labor market data is closely watched because it can affect expectations around the Federal Reserve’s interest rate policy, often prompting investors to reduce risk exposure ahead of the announcement.
The war with Iran, which is nearing the end of its first week, is also adding to market caution and pushing up oil prices. WTI crude has risen to around $83 a barrel, up more than 5% over the past 24 hours.
Meanwhile, the US Dollar Index (DXY) has strengthened above 99 and the yield on the 10-year Treasury note has risen to around 4.16%. Equity markets are slightly weaker, with the Invesco QQQ ETF, which tracks the Nasdaq 100 index, down about 0.5% in premarket trading.
Crypto-related stocks including Strategi ( MSTR ), Coinbase ( COIN ) and MARA Holdings ( MARA ) are also lower in premarket trading.
