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Bitcoin trades in a $62,200 to $65,000 range before key jobs data
A strong ISM Manufacturing PMI and Fed dissent helped push traders to focus on Tuesday’s JOLTS and Friday payrolls, with the $62,200 floor defended since Aug. 1.
Bitcoin is stuck in a tight pre-data window, trading near $63,755 and pinned between roughly $62,200 and $65,000, according to CryptoSlate.
The range has been shaped by a recent batch of macro signals, starting with an Aug. 3 ISM Manufacturing PMI print of 55.6, above the 54.0 consensus and up from June’s 53.3, with new orders rising to 56.7 and employment returning to expansion at 52.8.
CryptoSlate also highlights that Federal Reserve policy remains a central driver for risk sentiment, noting the Fed held its target range at 3.50% to 3.75% on July 29 but did so with a 9-3 split, where three officials dissented in favor of a 25 basis point hike. The paper says those unusual dissents make the week’s strong economic data more consequential for crypto price expectations.
Looking ahead, CryptoSlate points to a sequence of labor and inflation-linked releases, including Tuesday’s June JOLTS (openings of 7.6 million expected, hires 5.2 million, quits 3.1 million), Wednesday’s ISM Services employment and prices paid, and Thursday’s productivity and labor-cost figures plus weekly jobless claims, all of which feed into Friday’s payrolls.
The publication frames outcomes for Bitcoin as sensitive to whether labor demand is confirmed or cools, with rising openings likely reinforcing the $62,200 floor, while softer openings alongside steady hires could allow price to retest the higher end of the range and revisit the $65,000 area.
Latest closeBitcoin $63,513.00 ▲0.1%