Ramazan Eles 
Following the upbeat nonfarm payroll figures released in the US this week, which boosted Bitcoin’s price, another crucial set of labor market data will be unveiled today. The US nonfarm employment data could trigger volatility in Bitcoin prices, particularly in the short term.
Eyes on US Nonfarm Payroll Data
Both the crypto and traditional finance worlds are eagerly awaiting the release of US nonfarm payroll data today at 8:30 AM EDT. The April employment figure came in at 175,000, while the May figure is forecast to be 185,000.
Will Bitcoin’s Uptrend Continue?
A weaker-than-expected nonfarm payroll figure could strengthen Bitcoin’s upward momentum this week. If the figure falls below expectations, it could be interpreted by markets as a sign that the economy is continuing to cool, leading to a potential rise in risk-on assets, including Bitcoin.
As is known, the Fed is waiting for the economy to cool down and for inflation to fall below 3% before it starts cutting interest rates. The Fed has long maintained that its inflation target is 2% and has shown no willingness to compromise on this.
Another key indicator of whether the economy is cooling down will be the unemployment rate. The May unemployment rate forecast is 3.9% year-over-year.
Earlier this week, the US Job Openings and Labor Turnover Survey (JOLTS) data showed the lowest number of job openings in three years, which helped Bitcoin’s price rise from $69,000 to above $70,000.