Bitcoin and other cryptocurrencies could benefit from a weakening US labor market. The US unemployment rate rose to 4.1%, exceeding forecasts. The US economy added 206,000 jobs in June, down from 272,000 in May. 📉

A weak labor market could be a positive catalyst for the price of Bitcoin, says the head of derivatives at Bitfinex.

Bitcoin price has remained in a downtrend for over a month, falling below $60,000.

Bitcoin fell below $54,000 to a four-month low.

While some traders fear the bull cycle is over, other analysts see the current correction as consistent with Bitcoin's past corrections.

Institutional inflows from US Bitcoin ETFs are also lagging.

Bitcoin ETF flows could increase if a weakening labor market leads to expectations of lower interest rates.