Bitcoin hovered in the $109,000–$110,000 band this week as the market parsed a busy macroeconomic calendar. Each US data release, Powell’s remarks, the JOLTS report, ISM PMI numbers, and Friday’s NFP moved the dial. Price action was choppy, with short-term rallies and pullbacks shaped by shifting rate expectations and risk sentiment. Below, we examine how these factors drove movement.
Technical View: Bitcoin Stuck in the Range
Technically, Bitcoin maintains support at $108,500 but struggles to close above $110,500. RSI readings hover just below overbought, showing traders are cautious about chasing breakouts. Moving averages continue to flatten, signaling trend exhaustion. Short-term momentum hinges on macro headlines, with each data release sparking sharp, if fleeting, price swings.
US Data Sets the Tone for Crypto Traders
Bitcoin’s price was notably reactive to Jerome Powell’s midweek statement. The Fed chair reiterated a cautious approach to policy, emphasizing data dependence and inflation vigilance. While there was no clear pivot, markets sensed the Fed was not eager to resume hiking rates. This gave risk assets, including Bitcoin, some breathing room, resulting in a short-lived rally to the top of the current range. However, the optimism was fragile.
The JOLTS data reinforced a cooling labor market, with job openings dipping below consensus estimates. For Bitcoin, this signaled a potentially softer macro backdrop, nudging the price upward as investors speculated on slower Fed tightening. But volatility increased later in the week as further economic data hit the wires.
ISM PMI and NFPs Add Volatility
Thursday’s ISM manufacturing PMI fell short of forecasts. The weaker-than-expected figure raised hopes for Fed accommodation, briefly boosting BTC/USD as bond yields eased. Traders responded by rotating into risk assets, yet the move faded quickly as nervousness lingered about overall economic growth.
The real test came on Nonfarm payrolls printed slightly above expectations, but with revisions and wage data suggesting a less robust labor market than headlines implied. This complex picture left Bitcoin oscillating, caught between hopes for easier policy and concern about economic resilience. Trading volumes remained elevated during NFPs, reflecting heightened uncertainty rather than a clear directional bias.
The Fundamentals: A Brief Breather
Underlying fundamentals such as capped supply and institutional adoption have taken a backseat this week to macro drivers. Bitcoin’s reputation as a speculative asset means it reacts in real time to monetary policy cues and employment data. The market is less focused on long-term narratives and more on daily news flow, especially given this confluence of high-impact releases.
Conclusion
This week’s economic calendar drove Bitcoin’s price, not just in direction, but in intraday volatility. With Powell’s statements, labor numbers, and PMI readings all weighing on sentiment, the cryptocurrency is locked in a tight range. Until there’s greater clarity from data or the Fed, Bitcoin will likely remain sensitive to every new figure and headline crossing the tape.
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