While the US Pivot Report US Nonfarm Payrolls (NFP) for the March approaches, the Bitcoin bulls (BTC) are found in a situation reminiscent of the character at Two-Face (Harvey Dent) of the film “The Dark Knight”, which returns the pieces to make decisions, entrusting to control the spell independently of the result.
This is a classic case of “heads that I earn, of the tails that you lose”, which means that the Bitcoin bulls will probably be in the lead after the imminent report of jobs, that the data reveal a force or a weakness of the labor market.
This situation follows from the announcement of President Donald Trump on Wednesday, radical prices affecting 180 nations, which prompted prospective markets at prices for recession risks and expectations of federal reserve rate reductions.
Consequently, the stronger than expected job data, which generally strengthens the dollar and pressures on the risks of assets like BTC, can be rejected as exceeded, overlooking recent developments resulting from Trump policies. Therefore, any dip in BTC after a potentially hot NFP report could be quickly reversed, causing gains.
On the other hand, weak data would only add to recession fears and strengthen rates reduction bets, supporting a risk increase in the financial markets.
At the time of the press, Bitcoin changed hands at $ 84,190, having reached lows below $ 82,000 on Thursday, according to Coindesk data. The fact that prices have remained well above the level of $ 77,000 on the move despite the advanced price uncertainty indicates the fatigue of the seller and the potential of an increase in prices.
Volmex Bitcoin’s implicit volatility index of Volmex took place at 65% annualized, indicating an expected price oscillation of 3.4% within 24 hours.
Employment data is due at 12:30 p.m. UTC. According to FactstSet, the median estimate of the total employment of not agitated pay in March is 130,000, down compared to the count of February 151,000. The unemployment rate should reach 4.2% against 4.1%.
Before the data press release, the rate traders are prices of 100 basic points of Fed rate decreases this year, the first move should occur in June, according to the Fedwatch tool of the CME.
