Bitcoin Under Pressure As US Job Growth Slashes Fed Rate Cut Hopes – Is The Rally Over?

Key Points

1. The US June employment report showed unemployment falling to 4.1%, below the consensus forecast of 4.3%, complicating the Federal Reserve's policy decisions.

2. Nonfarm payrolls (NFP) rose by 147,000 in June, surpassing expectations of 118,000, further reducing the likelihood of an imminent Fed rate cut.

3. Strong job market data may hurt Bitcoin in the near term, as hawkish Fed expectations tend to pressure risk assets.

4. Binance saw a sharp spike in Net Taker Volume, surpassing $100 million, signaling aggressive Bitcoin buying activity before the employment data release.

5. Bitcoin's price at the time of reporting was $109,114, up 0.6% in the past 24 hours, with mixed sentiment among analysts regarding its near-term trajectory.