News
Today’s Bitcoin (BTC) News: US Employment Report and Spot ETF Trends in Focus
US Labor Market Data and BTC Spot ETF Market
The US Jobs Report on Friday, July 5, could influence investors’ expectations of a September Fed rate cut. Lower-than-expected US average hourly earnings and a higher unemployment rate could solidify a September rate cut.
A more dovish path in Fed rates could fuel buyer demand for BTC. However, the flow trends of the US BTC spot ETF market remain a concern. The BTC spot ETF market extended its streak of net outflows to three weeks in the week ending June 28. Another week of outflows would be another wake-up call for BTC. Since its launch in January, the BTC spot ETF market has been a solid source of demand for BTC.
With the US employment report and supply and demand issues in the spotlight, investors need to remain vigilant. Monitor real-time data and expert commentary to adjust your trading strategies accordingly. Stay informed with our latest updates and insights to effectively navigate the cryptocurrency market.
Technical Analysis
Bitcoin Analysis
BTC it settled below 50 and 200 days EMAsending bearish price signals.
A breakout of BTC above the 200-day EMA will support a move towards the $60,365 resistance level. A breakout from the $60,365 resistance level could give the bulls a run at the $64,000 resistance level and the 50-day EMA. However, the selling pressure could intensify at the $64,000 resistance level. The 50-day EMA is confluent with the resistance level.
The US employment report, BTC supply news, and US BTC spot ETF market flow data should be taken into consideration.
On the other hand, a drop below $55,000 could signal a drop to the support level of $52,884.
With a daily RSI reading of 29.34, BTC is in oversold territory. Buying demand could intensify at the $55,000 level.