- Bitcoin has started the third quarter mutely as its price fluctuates in a small $6-range.
- The cautious sideways movement surfaces ahead of the U.S. Non-Farm Payrolls (NFP) report releasing on Thursday.
- Observers expect a recovery of at least 3 million jobs in June, a piece of news that may help the S&P 500 and Bitcoin continue its rally into the new week.
The price of Bitcoin on Wednesday rose modestly, signaling that the cryptocurrency will start the third quarter on a cautious note after closing the previous one more than 40 percent higher.
The BTC/USD exchange rate surged 0.16 percent to circa $9,151 on hopes that Federal Reserve would continue its stimulus program beyond the July expiry. The climb, nevertheless, failed to turn into an extended upside move as traders also assessed the rising number of COVID cases and its impact on the U.S. economy.
Bitcoin maintaining support above $9,100. Source:
Bitcoin has so far reacted optimistically to the Fed’s decision to inject $3 trillion via the purchase of Treasury bonds and mortgage-backed securities. The cryptocurrency surged by more than 150 percent from its mid-March low after the central bank’s intervention.
The bullish behavior now looks poised to persist in July as the Department of Labor releases its Non-Farm Payroll report on Thursday.Recovery in Jobs
Bitcoin, as well the U.S. stock market, is focusing on the Automatic Data Processing employment change in June.It is also because of the outcome of a Summary of Economic Projections (SEP) that shows “a general expectation of an economic recovery beginning in the second half of this year.”
Nonfarm Payroll Precast: We expect private nonfarm payrolls to surprise on the upside as more businesses reopen across the US. — DeepMacro (@DeepMacro)
Meanwhile, a rise in the S&P 500, a market that has formed a positive correlation with Bitcoin, may prompt traders to push the crypto’s price into a new range to the upside.