Current Situation in Bitcoin and Altcoins Before Critical Data from the USA - Coin Bulletin

Bitcoin (BTC), while showing signs of recovery after a sharp decline, volatility is expected in the market with the upcoming U.S. non-farm payroll data to be announced soon.

US non-farm payrolls data will be released today at 16.30 GMT. It is thought that these data will generally have a significant impact on the direction of the cryptocurrency market.

According to many market experts, non-farm employment data is as important for the interest rate decision as inflation data. Experts predict that the labor market outlook significantly affects the interest rate decision to be taken by the Federal Reserve(FED).

The previous data came in above expectations at 256,000 and triggered a $2,000 drop in Bitcoin. In today's announcement, the expectation is at 169,000 level.

If the data indicating the change in the number of people employed in January, excluding the agricultural industry, progresses upward, there may be an increase in the value of the dollar. The increase in the dollar index, which moves in inverse correlation with Bitcoin, will have a negative impact on the cryptocurrency market.

(# Current Situation in Cryptocurrencies Before the Announcement of Data

The price of Bitcoin had dropped to 91,000 dollars at the beginning of the week. Afterwards, Bitcoin showed some signs of recovery and rose to 102,000 dollars, but couldn't hold on.

In the last 24-hour period, Bitcoin is trading at $97,993 with a 0.4% decrease.

In major altcoins, similar price movements to Bitcoin occurred. Ethereum is trading at $2,762 with a 0.5% decrease, Ripple is at $2.42 with a 0.6% increase, Solana is at $199 with a 0.5% increase, and BNB is trading at $584 with a 0.3% decrease.