Bitcoin awaits US non-farm payrolls data: Below-expectation figure could send BTC soaring

Global markets turned their eyes to the United States May non-farm payrolls and unemployment rate data as a new record is expected in crypto assets after the reveal

The non-farm payrolls and unemployment rate is also the last set of data that may indicate the trajectory that the U.S. Federal Reserve (Fed) will take.

A figure below expectations could trigger a new record in Bitcoin. Non-farm employment data and the unemployment rate will bring the Fed interest rate cut issue back to the agenda. Markets do not expect a rate cut for June and July. A weak employment data may change this context.

Bitcoin above $70k again

BTC rose above $70,000 again ahead of the non-farm employment data to be announced in the U.S.

Analysts predicted that the rises in Bitcoin, which is currently trading at $71,075.40, could continue in the short term.

Bitcoin spot exchange-traded funds (ETF) are approved by more and more countries every day. Most recently, Thailand and Australia also approved the Bitcoin spot ETFs.

Following these developments, it was stated that if the U.S. non-farm employment data turns out below expectations, Bitcoin is expected to hit a new record. Analysts also expect ETH to accompany Bitcoin’s rise.

U.S. non-farm employment data will be released today at 15.30 TSI.

What is the target price in BTC?

BTC achieved a 5% premium in 5 days. Bitcoin, the only crypto in the U.S. where ETFs can also invest continued its upward movement, which started at $67,500 at the beginning of the week, and carried it to the level of $71,000 on Friday. As of Friday, BTC is trading at $71,075.40.

Türkiye daily columnist and economist Omer Faruk Bingol stated that if the U.S. non-farm employment figures remain below expectations, the critical $72,000 resistance seen in BTC would be overcome. At first a surge towards the $73,800 peak is expected. However, Bingol stated that if the data from the U.S. meets the market expectation, there may be a retreat to $69,000.

When will Ethereum rise?

Bingol also made a pricing forecast for Ethereum as he emphasized that in the short term, $3,750 support and $3,885 resistance levels stand out in Ethereum.

ETH, which has moved in a more horizontal outlook in the last week, continues its course close to $3,800.