Bitcoin (BTC) News Today: US Jobs Report and Spot ETF Trends in Focus

US Labor Market Data and the BTC-Spot ETF Market

On Friday, July 5, the US Jobs Report could influence investor expectations of a September Fed rate cut. Softer-than-expected US average hourly earnings and a higher unemployment rate could cement a September rate cut.

A more dovish Fed rate path may fuel buyer demand for BTC. However, US BTC-spot ETF market flow trends remain a concern. The BTC-spot ETF market extended its net outflow streak to three weeks in the week ending June 28. Another week of outflows would be another red flag for BTC. Since launching in January, the BTC-spot ETF market has been a robust source of demand for BTC.

With the US Jobs Report and supply vs. demand issues in focus, investors must remain vigilant. Monitor real-time data and expert commentary to adjust your trading strategies accordingly. Stay informed with our latest updates and insights to navigate the crypto market effectively.

Technical Analysis

Bitcoin Analysis

BTC sat below the 50-day and 200-day EMAs, sending bearish price signals.

A BTC break above the 200-day EMA would support a move to 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, selling pressure could intensify at the $64,000 resistance level. The 50-day EMA is confluent with the resistance level.

The US Jobs Report, BTC supply side-related news, and US BTC-spot ETF market flow data require consideration.

On the other hand, a drop below $55,000 could signal a fall to the $52,884 support level.

With a 29.34 14-Daily RSI reading, BTC is sitting in oversold territory. Buying demand could intensify at the $55,000 handle.