Bitcoin Awaits U.S. Jobs Data as Bitfinex Eyes $125K or $95K Scenarios
Bitcoin traders are bracing for Friday’s U.S. jobs report, which could be a key trigger for near-term price direction.
According to information from analysts at Bitfinex, shared by The Block, slowing labor market data may support risk assets like Bitcoin, while stronger figures could spell near-term downside.
Labor Market Expected to Cool
Economists expect the report to show between 125,000 and 130,000 new nonfarm payrolls in May, a drop from April’s 177,000. The unemployment rate is projected to stay at 4.2%, with average hourly earnings forecast to rise by just 0.2% to 0.3% month-over-month.
Bitfinex analysts believe a weaker report would feed the disinflation narrative and accelerate the timeline for potential Fed rate cuts—conditions that often favor Bitcoin and other risk assets.
Bullish Case: BTC Eyes $120K–$125K if Support Holds
“If Bitcoin maintains support above $105,000, it could target the $120,000–$125,000 range in June,” Bitfinex stated in a note to The Block. While the jobs report alone won’t drive such a move, it could be one of several catalysts pushing the Federal Reserve toward quicker rate cuts.
Bearish Outlook: Strong Jobs Data May Test BTC at $102K or Lower
A hotter-than-expected labor report could boost the U.S. dollar and delay the Fed’s pivot, putting pressure on Bitcoin. In that case, Bitfinex sees $102,000 as initial support, but warns the price could dip as low as the $95K–$97K zone—an area they consider favorable for accumulation.
“The report’s outcome will be pivotal for short-term traders,” Bitfinex said, “but in the broader context, it’s just one piece of a much larger macro puzzle.”
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
