BTC Price Rally May Be Sidelined by US NFP Report
Bitcoin (BTC) is currently trading at around $81,000, up over 4% from the start of the week. Strong institutional demand for BTC has been supporting its price action, with spot Exchange Traded Funds (ETFs) on track to record a third consecutive week of inflows.
The upcoming US Nonfarm Payrolls (NFP) report is expected to provide key clues on the Federal Reserve's policy path, which could dictate the near-term direction of BTC. According to SoSoValue data, spot ETFs have seen $812.26 million in inflows through Thursday, indicating renewed institutional interest.
Strategy, led by Michael Saylor, has also been actively accumulating BTC, with its firm acquiring 4,603 BTC for $370 million and increasing USD Cash by $29 million. The company's repurchases could continue to support Strategy's STRC preferred stock, although increased issuance or additional BTC purchases may eventually raise the dividend burden.
The technical outlook for BTC is bullish, with a close above the 50-week Simple Moving Average (SMA) suggesting further gains towards the 100% retracement level at $89,175. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators also remain in positive territory.