Ramazan Eles 
Bitcoin experienced a slight downturn following the release of the US Non-Farm Payroll data for May, which came in higher than anticipated. The cryptocurrency market, which had been on an upward trajectory, reacted to the economic indicator.
The US Bureau of Labor Statistics reported that non-farm payrolls increased by 206,000 in May, surpassing the consensus forecast of 185,000. Additionally, the unemployment rate ticked up to 4.3%, slightly higher than the expected 4.1%.
Prior to the data release, Bitcoin was trading around $64,800, but it dropped to around $64,700 following the announcement. Similarly, Ethereum saw a decline to $3,147.
Typically, a weaker-than-expected jobs report would lead to a decline in the US dollar, which often has a positive correlation with Bitcoin. However, the stronger-than-expected data this time around resulted in a different market reaction.
The stronger-than-expected jobs data suggests a robust US economy, potentially leading to the Federal Reserve maintaining or even tightening monetary policy. This could increase interest rates, which often has a negative impact on risk assets like Bitcoin.
The US dollar index initially rose following the data release, but subsequently pulled back. Investors will now be closely watching the Consumer Price Index data scheduled for release on June 12 to gauge the Federal Reserve’s next move.