Stronger-than-expected employment data could put more downward pressure on Bitcoin price. Are ETF inflows enough to get a weekly BTC close above $70,000?
Bitcoin price could be pressured by the accelerating labor market in the world’s largest economy, the United States.
The nonfarm payrolls report, published on June 7, measures the change in the number of people employed during the previous month, excluding the farming industry.
With nonfarm payrolls exceeding expectations, investors could become concerned with more monetary policy tightening.