- Bitcoin price opened June below $27,000 as market participants prepare for the release of US Nonfarm Payrolls May report.
- The consensus is that 190,000 jobs were likely added in May, against the above-expectations 253,000 in April.
- A strong jobs report on Friday could support the US Dollar and increase pressure on assets like Bitcoin and Ethereum.
Crypto market participants are closely watching the US Nonfarm Payrolls (NFP) report that is due to be released by the Bureau of Labour Statistics (BLS) on Friday. Market expectations anticipates 190,000 jobs were likely added in May.
The addition of payrolls has eased over the past few months, alongside a decline in wage growth. The market consensus for the unemployment rate is a slight increase from 3.4% to 3.5% in May.
Also read: XRP unlocks tokens worth $500 million as SEC vs. Ripple verdict looms
Market expectations from the US Nonfarm Payrolls report
The NFP is considered an indicator that provides insight into the state of employment across the US. The effects of the Nonfarm Payrolls data tend to be limited to currency pairs involving the US Dollar. This implies there is an impact on cryptocurrencies like Bitcoin and Ethereum.
Hotter-than-expected job report supports the US Dollar Index and increases the selling pressure on risk assets like Bitcoin and Ethereum. This is likely to slow down the recovery of the two largest cryptocurrencies by market capitalization.
FXStreet economic indicator for US Nonfarm Payrolls May release
Bitcoin opened June below the $27,000 level after closing May with the first monthly loss of 2023. Bitcoin price is therefore likely to face a challenge in its recovery to the April 2023 peak of $31,049.
Bitcoin/US Dollar one-day price chart
As seen in the price chart above, Bitcoin price is likely to find support at the 200-day Exponential Moving Average (EMA) at $25,150 in the event of further decline.
If Bitcoin price climbs higher, it faces resistance between $27,709 and $28,929 on its path to the April peak of $31,049.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Grayscale files S-3 form for Digital Large Cap ETF comprising Bitcoin, Ethereum, XRP, Solana, and Cardano
Grayscale, a leading digital asset manager operating the GBTC ETF, has filed the S-3 form with the United States (US) Securities and Exchange Commission (SEC) in favor of a Digital Large Cap ETF.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH, and XRP brace for volatility amid Trump’s ‘Liberation Day’
Bitcoin price faces a slight rejection around its $85,000 resistance level on Wednesday after recovering 3.16% the previous day. Ripple follows BTC as it falls below its critical level, indicating weakness and a correction on the horizon.
Top crypto news: VanEck hints at BNB ETF, Circle files S-1 application for IPO
Asset manager VanEck registered a BNB Trust in Delaware on Tuesday, marking its intention to register for an ETF product with the Securities & Exchange Commission (SEC).
Solana Price Forecast for April 2025: SOL traders risk $120 reversal as FTX begins $800M repayments on May 30
Solana price consolidated below $130 on Tuesday, facing mounting headwinds in April as investors grow wary of looming FTX sell-offs.
Bitcoin: BTC remains calm before a storm
Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.