According to Cointelegraph, U.S. non-farm payroll data exceeded expectations, and the unemployment rate declined, leading to a rapid pullback in Bitcoin prices. Analysts believe the likelihood of the Federal Reserve cutting rates at the July meeting is very low.
BTC/USD experienced volatility at the opening of Wall Street on July 3 due to employment data undermining hopes for interest rate cuts. The BTC price briefly approached $110,300.
Non-farm payroll data showed that new jobs in June exceeded expectations, while the unemployment rate surpassed estimates. The Kobeissi Letter described the employment data as 'very hot' and warned that the Federal Reserve might delay interest rate cuts.
Blacknox stated that the decline in the unemployment rate makes a rate cut in July unlikely. The market anticipates only two rate cuts by December 2025.
Market structure remains stable, with $108,000 becoming a key support level. Master of Crypto stated that as long as it stays above $108K, the target is $112K to $120K.
