Bitcoin Waits on US Jobs Data Ahead of Crucial Fed Policy Decision

Bitcoin traded in a narrow range last week as traders remained cautious ahead of key US economic data releases. The nonfarm payrolls report, scheduled for this Friday, could reshape expectations for Federal Reserve policy and influence Treasury yields.

Markets currently anticipate one rate hike before year-end, and any surprise in the employment data could impact Bitcoin's short-term direction. Meanwhile, investment flows into Bitcoin ETFs have been mixed, with net inflows of approximately USD 173 million recorded in July after heavy outflows in May and June.

The first trading session of August saw USD 170 million in inflows, indicating a stronger sentiment at the start of the month. However, corporate-level sales by Strategy, which sold 1,638 Bitcoin during the past week, could weigh on market sentiment.