Hassan Maishera
TL;DR
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Bitcoin has been down 1.5% in the last 24 hours, starting the new week in a bearish manner.
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Investors are looking ahead to this week’s non-farm payroll data and Powell’s speech to determine the market’s direction.
BTC Turns Bearish, Slips Below $65k
The cryptocurrency market has turned bearish over the last 24 hours, with most coins and tokens currently in the red zone. Bitcoin, the leading cryptocurrency by market cap, is down 1.5% in the last 24 hours, dropping below the $65k level for the first time in nearly four days.
At press time, Bitcoin’s price stands at $64,559 and could dip lower if the bearish momentum is maintained. The negative performance comes as investors look ahead to NFP data and Powell’s speech later this week.
Fed chair Jerome Powell is expected to discuss the economic outlook and possibly provide insights into the Fed's monetary policy. His comments on inflation and interest rates usually affect prices. Any talks of further slashing the interest rates could see Bitcoin build momentum in the coming week.
On Friday, the U.S. Labor Department will publish its monthly non-farm payrolls report, offering a snapshot of the nation's job market and overall economic strength. Last month’s data showed a weakening U.S. labor market, and a similar result could negatively affect Bitcoin’s price.
However, analysts expect stronger-than-expected employment data, which could reinforce the Fed’s rate-cutting move and positively affect Bitcoin’s price and the broader crypto market.
Despite Bitcoin’s underperformance, XRP is rallying, up more than 5% in the last 24 hours. As the best performer amongst the top 10 cryptocurrencies by market cap, XRP is trading at $0.6489 per coin.
