Ahead of NFP: Crypto Consolidates, Wait & See
The crypto market moved negatively on Friday. Bitcoin (BTC) held around $110,000, while Ethereum (ETH) traded near $4,300. This relatively subdued movement reflects market caution ahead of the release of the US employment report, which could potentially shift Fed policy expectations. On the macro front, the US dollar trended slightly higher, adding to the market's reason to hold large positions before the data release.
Major altcoins moved inconsistently, with interest still shifting toward projects with strong fundamentals and the network utility narrative. The focus remained on macro catalysts after weaker-than-expected private employment (ADP) data strengthened bets for an interest rate cut this month—a generally positive context for risk assets if confirmed by official government data.
From a short-term technical perspective, BTC traded within an intraday range of $109.38,000–$112.27,000, while ETH hovered in the $4,269–$4,482 range. As long as BTC maintains the $109,000–$110,000 area, a constructive consolidation bias remains, with the potential for a retest of the upper range if jobs data weakens and interest rate cut expectations strengthen. However, a data surprise to the contrary could trigger a short-term risk-off. Remain disciplined in managing position size and monitor market reactions immediately following the data release.
Source: Newsmaker.id
