Bitcoin is about to fall below $70,000 for the first time since Wednesday, after rising as high as $74,000 earlier this week.
The drop reflects a broader shift in risk aversion in markets as investors position themselves ahead of key U.S. macroeconomic data and the unfolding war in Iran.
For now, the focus is on the US employment report due at 13:30 UTC. The unemployment rate is expected to remain unchanged at 4.3%, while nonfarm payrolls are expected to fall to 59,000.
Labor market data is closely watched because it can influence expectations around the Federal Reserve’s interest rate policy, often leading investors to reduce risk exposure ahead of its release.
The war with Iran, which is nearing the end of its first week, is also contributing to market caution, driving up oil prices. WTI crude oil has risen to around $83 per barrel, up more than 5% in the last 24 hours.
Meanwhile, the US Dollar Index (DXY) has strengthened above 99 and the 10-year Treasury yield has risen to around 4.16%. Stock markets are slightly weaker: The Invesco QQQ ETF, which tracks the Nasdaq 100 index, fell about 0.5% in premarket trading.
Cryptocurrency-related stocks, including Strategy (MSTR), Coinbase (COIN), and MARA Holdings (MARA), are also lower in pre-market trading.
