Bitcoin is poised to fall below $70,000 for the first time since Wednesday, after climbing as high as $74,000 earlier this week.
The decline reflects greater risk aversion in markets as investors position themselves ahead of key U.S. macroeconomic data and the war in Iran.
For now, attention is focused on the US jobs report due at 1:30 p.m. UTC. The unemployment rate is expected to remain unchanged at 4.3%, while nonfarm payrolls are expected to fall to 59,000.
Labor market data is closely watched because it can influence expectations about the Federal Reserve’s interest rate policy, often leading investors to reduce their risk exposure before its release.
The war with Iran, which is coming to an end in its first week, is also contributing to market caution, pushing oil prices higher. WTI crude has climbed to around $83 per barrel, up more than 5% in the past 24 hours.
Meanwhile, the U.S. Dollar Index (DXY) strengthened above 99 and the yield on the 10-year Treasury note rose to around 4.16%. Equity markets are slightly weaker, with the Invesco QQQ ETF, which tracks the Nasdaq 100 index, down about 0.5% pre-open.
Crypto-related stocks including Strategy (MSTR), Coinbase (COIN), and MARA Holdings (MARA) are also down in pre-market trading.
