• The July Non-Farm Payrolls (NFP) report is due today, and the US dollar’s volatility is set to increase.
• Bitcoin holds close to its yearly highs, and the bias for Bitcoin remains bullish while the market holds above the rising trendline.
• On a better-than-expected report, Bitcoin might test the trendline as the dollar should strengthen; on a worse-than-expected report, Bitcoin could go for the bullish flag’s measured move in the days to come.
Overview of July NFP Report
The Non-Farm Payrolls (NFP) report is released on the first Friday of each month which shows change in number of workers in US economy and impacts financial markets. This year, US dollar has declined which led to increased correlation between bitcoin and dollar’s strength or weakness.
Bitcoin’s Technical Picture
Since 2021 lows, bitcoin formed higher highs and higher lows which reflects bullish trend in market. Also, possible bullish flag has a target of $35k for Bitcoin as indicated by its measured move.
Impact of NFP Report on Bitcoin Market
Today’s NFP report can make or break current trend in bitcoin market. On better than expected report, Bitcoin might test trendline as dollar should strengthen; whereas on worse than expected report, there can be upward movement towards bullish flag’s targeted price level.
The release of July NFP report will have significant impact on direction of bitcoin prices with different scenarios based on results from economic data release. Therefore it is important to closely follow this news event before taking any trading decisions for cryptocurrencies like bitcoin.
For more information regarding upcoming economic events that influence cryptocurrency markets please visit resources below:
• Investopedia – https://www.investopedia.com/terms/n/nonfarmpayrollsnfpreport.asp
• Investing – https://www.investing.com/economic-calendar