Bitcoin Whipsawed by NFP Report as US-Iran Tensions Dominate Market

Bitcoin's price action has been whipsawed by the recent Non-Farm Payroll (NFP) report, but the cryptocurrency has managed to recover its losses and is now trading at pre-NFP levels. The NFP report, which was released on Friday, showed a softer-than-expected reading, but the overall strength of the US data and the ongoing US-Iran tensions have kept the focus on the Middle East developments.

The market is now looking to the US-Iran negotiations for a breakthrough, which could lead to a drop in oil prices and give Bitcoin a boost. Conversely, another escalation in tensions could send oil prices higher and weigh on the crypto market. The technical analysis of Bitcoin's charts suggests that the price is near the monthly highs and is poised to break above the 98,000 level or below the 82,500 support.

The upcoming economic calendar is light, with the US ISM Services PMI, FOMC meeting minutes, US Jobless Claims figures, and University of Michigan Consumer Sentiment survey being the key events to watch. Bitcoin's price action will likely be influenced by the developments in the Middle East and the overall market sentiment.