On August 2, the U.S. added just 73,000 nonfarm jobs in July—well below expectations. May and June figures were also sharply revised downward, while labor force participation continued to decline. Markets are now pricing in a rate cut as early as October. The dollar weakened, gold rallied, and Fed official Bostic noted the current environment is “very challenging” and not conducive to revising 2025 rate cut forecasts higher.
BTC fell back below $114,000 after a brief recovery, with downside liquidity forming around $112,000. However, resistance remains strong between $117,500–$118,000, and upside momentum is lacking amid macro uncertainty.
Bitunix Analyst’s View: The jobs miss strengthens expectations for policy easing, but BTC’s rebound remains weak. A sustained break below $112K could trigger further downside. Short-term traders are advised to stay nimble and monitor upcoming PMI data and U.S. bond yields.
