Buy or Sell Bitcoin Before July NFP Report? Here’s What to Expect
• The July NFP report is due today and the US dollar’s volatility could have a direct impact on Bitcoin.
• The bias for Bitcoin remains bullish while the market holds above the rising trendline.
• A better-than-expected report can strengthen the dollar and make or break the current trend.
The Impact of the July NFP Report
The Non-Farm Payrolls (NFP) report is released on the first Friday of each month. It shows the change in the number of workers in the US economy – the largest economy in the world. Because of that, it has a direct impact on financial markets, including cryptocurrency markets.
Technical Picture Favors More Upside For Bitcoin
Since 2022 lows, Bitcoin formed a series of higher highs and higher lows, which is typical in bullish trends. Additionally, one can identify a possible bullish flag with a target of $35k for Bitcoin as indicated by its measured move. Therefore, today’s NFP report can be crucial to determine whether this trend will continue or not.
US Dollar Volatility Affects Bitcoin Prices
The US dollar’s strength or weakness affect Bitcoins prices as more institutional investors included them in their portfolios This year, the dollar declined as reflected by EUR/USD exchange rate reaching new highs less than two weeks ago which makes it unsurprising that Bitcoin holds close to its yearly highs ahead of NFP report release.
Bullish Bias Remains As Long As Price Action Holds Above Trendline
Bitcoin bulls keep buying dips as long as price action holds above upward trendline which marks 2023 bullish trend so far bias remain bullish while BTC holds above mentioned trendline .
Today’s NFP report could decide whether current trends will continue or not depending on how well it does compared to expectations which could drive stronger dollar and make or break current trends so far both technical picture and correlation with dollar favor more upside for bitcoin if expectations are met .