US Jobs Report Casts Shadow Over Bitcoin as Crypto Markets Await Clarity
Bitcoin holds steady near $77,106 as traders await the US jobs report, which is expected to provide clarity on the Federal Reserve's next move. The cryptocurrency has gained 1.4% over the past seven days and its market capitalization stands at $1.55 trillion.
The US employment report is the week's defining event for crypto markets, with a hotter-than-expected number potentially hardening bets on a September 16 rate hike. This could put downward pressure on Bitcoin, while a weaker reading may ease yields and support a recovery toward resistance near $78,000.
In other news, spot Bitcoin ETFs logged an outflow of $236 million this week, breaking a steady run of daily inflows that carried through most of August. The reversal suggests institutions trimmed exposure heading into the jobs report rather than adding to strength.