Due to a partial U.S. government shutdown, the January 2026 Non-Farm Payrolls report has been officially delayed. With NFP temporarily off the table, market expectations for labor conditions now rely mainly on ADP and ISM employment components, significantly increasing short-term macro uncertainty.
At the same time, persistent weakness in U.S. manufacturing continues to weigh on sentiment. Manufacturing employment has declined by more than 200,000 since 2023, while ISM manufacturing activity has remained in contraction for over two years. In the absence of fresh labor data, markets have shifted further into a risk-off and deleveraging mode.
Across asset classes, equities and high-beta assets remain under pressure, while capital flows back into the U.S. dollar. Crypto markets are passively absorbing this broader de-risking trend. Bitcoin remains range-bound, with 80,000 acting as key overhead resistance and 75,000 as an important support level. BTC’s ability to hold this range will signal whether risk appetite can stabilize or further unwind.
