July Jobs Report: Will Weak Hiring Data Send Bitcoin Soaring Again?

The US Bureau of Labor Statistics has released July's nonfarm payrolls report, showing a gain of just 83,000 jobs and unemployment steady at 4.2%. Bitcoin traders are watching to see if this mirrors June's reaction, when the same report showed a miss that sent BTC jumping 4% before fading.

Last month's payrolls came in far below forecasts of around 110,000 new jobs. Weak hiring data typically revives bets that the Federal Reserve will hold off on rate hikes, which can ease liquidity conditions supporting Bitcoin.

Bitcoin jumped to near $62,000 after June's report landed, then climbed toward $64,000 over the following weekend as traders priced out a near-term hike. However, this rally did not hold and BTC slipped roughly 3% by the end of July, trading near $63,080.