According to CoinDesk, analysts at ING suggest that Friday's U.S. nonfarm payrolls report may fall short of expectations, potentially influencing Federal Reserve rate cut anticipations and supporting risk assets, including bitcoin.

The report, scheduled for release at 8:30 ET (12:30 UTC), is anticipated to show the U.S. economy added 185,000 jobs in July, a decrease from June's 206,000, based on a Wall Street Journal poll of economists. The unemployment rate is expected to remain steady at 4.1%, while annual growth in hourly wages is likely to slow to 3.7%.

ING analysts noted that evidence from employment components of the ISM and NFIB surveys suggests a weaker payroll figure, which could negatively impact the dollar. A disappointing report would likely strengthen expectations for Federal Reserve interest-rate cuts this year, reducing the dollar's appeal. Despite Federal Reserve Chairman Jerome Powell ruling out significant rate cuts, traders anticipate the Fed will begin easing rates in September and continue through the year. ING analysts believe that macroeconomic factors could further weaken the dollar once current equity market turmoil and geopolitical tensions subside.

A weaker dollar, which serves as the global reserve currency and significantly influences financial conditions, often boosts demand for riskier assets like cryptocurrencies. Bitcoin has rebounded from an Asian session low of around $62,200 to $64,500 ahead of the payrolls report, according to CoinDesk data. Analysts predict that the expected Fed rate cut could propel bitcoin to new highs above $74,000 in the coming months.