Bitcoin Faces Make-or-Break Jobs Report This Friday

Bitcoin's price is stuck between $62,200 and $65,000 after a strong ISM Manufacturing PMI report on August 3. The index rose to its highest reading since May 2022 at 55.6, beating the consensus estimate of 54.0.

New orders climbed to 56.7, and employment entered expansion for the first time in 33 months at 52.8. However, prices paid held steady at 71.1, keeping the inflation case alive.

The Federal Reserve's July 29 hold on interest rates was split 9-3, with three officials wanting a 25-basis-point hike immediately. This rare dissent makes this week's strong economic data ammunition for those who want to tighten monetary policy.

This Friday's jobs report will decide the direction of Bitcoin's price. A soft reading could turn $62,000 into a trapdoor toward $60,000, while a strong report would validate the hawks' case for tightening and send Bitcoin below $62,000.