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Bitcoin Runs Into Offers Above Price Hurdle Ahead of US Nonfarm Payrolls
A strong NFP could bring more losses to the already weak bitcoin market.
Updated Sep 14, 2021, 1:06 p.m. Published Jun 4, 2021, 10:46 a.m.
Bitcoin retreated to the sub-$37,000 region, having failed to keep gains above the 20-day simple moving average (SMA) early Friday.
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- The cryptocurrency was priced near $36,800 at press time – down 6% on the day. The 20-day SMA was seen at $38,400.
- The four-hour chart shows the cryptocurrency has dived below the uptrend line rising from lows near $33,000, while the relative strength index (RSI) has dipped into a bearish territory below 50.
- That shows scope for a deeper decline, which will likely materialize if the U.S. nonfarm payrolls figure due at 12:30 UTC blows past expectations. A substantially higher than expected number could boost the probability of an early scaling back of stimulus by the Federal Reserve.
- The data is expected to show the economy added 664,000 jobs in May, far above 266,000 initially reported for April, according to FXStreet.
- Likewise, bitcoin may see a recovery if the figure disappoints by a wide margin. That said, the outlook will remain bearish while prices are held under the 200-day SMA at $41,576.
Also read: Bitcoin Drops After Musk Tweets of Breakup
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