July is projected to be a breakthrough month with notable volatility of Bitcoin and altcoins as a series of important economic reports from the United States are set to be released. Indicators such as new job numbers, the unemployment rate, or unemployment claims will help investors accurately assess the health of the U.S. economy, which will greatly influence the cryptocurrency market trend. Understanding and closely monitoring this data will help traders make accurate investment decisions, seizing price increase opportunities or avoiding market risks. The article below analyzes in detail the impact of each economic report in July on Bitcoin and altcoin prices, providing an in-depth perspective from experience and expertise in the cryptocurrency field.
The effect of the JOLTS employment report on July 1 on Bitcoin prices
On July 1, the Job Openings and Labor Turnover Survey (JOLTS) report will be released, providing important data on the number of job openings in the U.S. labor market. After a decrease in March, job openings are expected to rise to about 7.5 million, compared to 7.39 million in May. This is an indicator that somewhat reflects economic health and the hiring demand of businesses.
The recent implementation of new tax policies is believed to have slowed down hiring in many sectors. If job numbers do not increase and continue to decrease, the Federal Reserve may consider lowering interest rates to stimulate growth, which usually supports Bitcoin and other cryptocurrency prices positively.
The significance of the ADP employment report on July 2 for the cryptocurrency market
The ADP employment report typically precedes the official labor figures and is released on July 2. In May, private businesses added only 37,000 jobs, significantly lower than at the beginning of the year. The figure for June is expected to improve to around 105,000.
If the actual figures are lower than expected, it could be a sign that businesses remain cautious in hiring. This will impact the Fed's monetary policy, potentially putting pressure on the USD and opening up price increase opportunities for Bitcoin and altcoins in the market.
Impact of the initial unemployment claims report on July 3
The report on new unemployment claims, expected to be released on July 3, is also an important indicator of interest for cryptocurrency investors. Last week, the number of claims was lower than expected, but this week a slight increase is forecasted, reaching around 239,000 claims.
A higher number of unemployment claims usually reflects signs of a weakening economy. In such cases, the USD may face downward pressure, which positively impacts non-traditional assets such as cryptocurrencies due to increased demand for safe havens.
Non-Farm Payroll and Unemployment Rate report on July 3
On the same day, July 3, important reports including Non-Farm Payrolls and the unemployment rate will be released. May showed a job growth of 139,000 and an unemployment rate of 4.2%. The forecast for June suggests that job numbers may be lower while the unemployment rate increases slightly to 4.3%.
The increase in the unemployment rate along with a slowdown in job creation will fuel expectations that the Fed may cut interest rates to support the economy. This often has a positive effect on Bitcoin as investors seek safe assets to preserve capital in the context of a weakening USD.
Strategy for monitoring July economic reports for cryptocurrency traders
July marks a period where every economic number in the United States can cause significant volatility in the cryptocurrency market. Professional investors should closely monitor employment, unemployment, and unemployment claims indicators to make timely trading decisions. The combination of fundamental and technical analysis will help capitalize on opportunities arising from economic developments.
Understanding the trends from economic reports not only helps enhance investment efficiency but also increases the safety level for the cryptocurrency asset portfolio in a volatile market environment. Continuous updates and analysis of data are necessary conditions for traders to maintain competitive advantages and understand market developments.
Source: https://tintucbitcoin.com/nha-giao-dich-tien-dien-tu-chu-y-bao-cao-my/
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