Friday’s key event risk will be the U.S. jobs report for January, which should offer fresh insight into the health of the U.S. labor market. With the Federal Reserve expressing optimism over inflation rising this year and a brighter outlook for the economy, today’s NFP report will be in sharp focus. Markets expect the U.S. economy to have gained 180k jobs in January, with average earnings up by 0.3%, while the unemployment rate is expected to remain unchanged at 4.1%.
In the past, bitcoin displayed unyielding resilience against a slew of negativity, but now price action suggests that bulls are tired, exhausted and close to waving the white flag. Although the bias toward bitcoin is currently tilted to the downside, lessons of the past have taught investors how inherently volatile and erratic the cryptocurrency can be.