Bitcoin and other risk assets could benefit from a weak labor market and rising unemployment in the United States, the world's largest economy.
The unemployment rate in the United States rose to 4.1%, surpassing the 4.0% forecast and reaching its highest level since December 2021.
The U.S. economy added 206,000 jobs in June. While this was higher than the expected 191,000, it was significantly lower than the 272,000 jobs added in May, which was later revised. revised down to 218,000, according to nonfarm payrolls data published by the US Bureau of Labor Statistics on July 5.
A weak labor market in the United States could be a positive driver for Bitcoin prices, according to Jag Kooner, head of derivatives at Bitfinex. Kooner told Cointelegraph.
“If the NFP report shows weaker-than-expected jobs growth, it could increase expectations of future interest rate cuts, which could boost Bitcoin prices as investors seek funding. alternative assets in anticipation of loose monetary policy.”
Bitcoin price has been stuck in a downtrend for more than a month, falling below the key $60,000 level.
Bitcoin falls below $54,000, hitting four-month low
BTC price fell more than 10% in 24 hours, reaching a more than four-month low of $53,550. According to data from Bybit, the last time Bitcoin traded at this level was in February 2024.
While some traders are worried that the bull run is over, others, such as prominent analyst Rekt Capital, see the current correction as in line with previous corrections. Here's Bitcoin.
Rekt wrote in a post on X on July 4:
“This correction was -21% deep and lasted 45 days. During this cycle, the average depth of correction was -22% and the average duration of correction was 42 days. In terms of adjustment depth, this is almost an average adjustment. In terms of adjustment period, this is an above-average decline.”
![](https://public.bnbstatic.com/image/pgc/202407/ef4e3269debc03e5c4fe1574a1024032.png)
BTC/USD, 1-week chart. Source: Rekt Capital
What about Bitcoin ETF flows?
Investment flows from US spot Bitcoin ETFs are also slowing.
U.S. ETFs are on track to record their third consecutive week of negative net flows, with more than $315 million in cumulative net flows so far this week, according to data from Dune.
Bitcoin ETF inflows could increase if a weak labor market could boost expectations of a potential interest rate cut, according to Kooner. He said:
“Bitcoin ETF inflows could see an increase if market participants believe that economic uncertainty will push the Fed toward final interest rate cuts, enhancing the appeal of Bitcoin as a inflation prevention. However, significant capital inflows will depend on broader market sentiment and risk appetite.”
However, Kooner also noted that there has been a recent lack of capital inflows and “bottom-fishing” purchases.
Source: https://tapchibitcoin.io/thi-truong-lao-dong-my-thuc-day-bitcoin.html