Friday’s U.S. nonfarm payrolls report may decide whether Bitcoin’s July rebound extends or stalls amid macroeconomic uncertainty.
Bitcoin traded at $62,560.27, remaining just under the $63,000 mark as traders awaited the U.S. jobs report. A moderate increase in hiring—around 88,000 jobs—could support risk assets like crypto by easing recession fears without prompting Fed rate hikes.
Analysts expect unemployment to hold at 4.2%, a level that balances economic stability and monetary policy flexibility. Treasury debt sales also remain in focus, with unchanged issuance likely to avoid upward pressure on borrowing costs.
Earnings from crypto firms Circle and Galaxy, alongside Bitcoin miners, will provide sector-specific insights. Meanwhile, BIP-110, a proposal to limit non-financial blockchain data, faces low miner support, reducing its near-term impact.