Crypto Market Awaits U.S. Nonfarm Payrolls as Bitcoin Trades Near $79,500
The cryptocurrency market is on edge as traders anticipate the U.S. April Non-Farm Payrolls (NFP) report, set for release at 8:30 PM Beijing Time. Bitcoin is currently trading around $79,500, having dipped below the $80,000 mark amid a broad market sell-off. Over 108,000 traders were liquidated in the past 24 hours, resulting in losses of approximately $341 million, primarily from long positions.
Market sentiment remains bearish, with Ethereum and Dogecoin also experiencing declines. Analysts expect the NFP report to show an addition of 62,000 jobs, a significant drop from March's 178,000, with the unemployment rate holding steady at 4.3%. Wage growth data will be crucial, as any unexpected increase could heighten inflation concerns and affect interest rate expectations.
Despite the bearish outlook, Bitcoin spot ETFs recorded $46 million in net inflows, suggesting institutional interest at current levels. The market's immediate focus is on whether Bitcoin can reclaim the $80,000 level, with key support and resistance levels identified at $78,000 and $85,000, respectively.
