Forex
US Jobs Data Release Looms as Potential Threat to Bitcoin Price
The US Non-farm payrolls change data release today at 8:30 AM ET could significantly impact Bitcoin's price, which is currently trading at $85,928.14 and up 2.12% in 24 hours.
A strong payroll print with firm wages would keep inflation worries alive, supporting higher interest rates from the Federal Reserve, which tends to drain appetite for risk assets like BTC.
History suggests that a robust jobs report can pressure Bitcoin prices, as seen after August's 162,000 gain when BTC slid below $80,000.
Citigroup raised its 12-month Bitcoin target to $113,000 on October 1, citing returning ETF demand and modeling $5 billion of inflows over the next year.