Current Situation of Bitcoin and Altcoins Before US Employment Data

Today, cryptocurrency investors are closely monitoring the non-farm payroll data for February, set to be released from the USA. This data will be announced at 16:30 GMT and is critically important for short-term direction in the crypto market. The non-farm payroll report for January in the USA is one of the most notable data points for global markets this week. The previous data falling below expectations has increased uncertainty regarding the Federal Reserve’s monetary policy. The newly announced data is expected to determine the risk appetite in the markets.

The market expectation for this month's non-farm payroll data is set at 66,000. The previous figure was reported as 50,000. If the incoming data exceeds the expected figure of 66,000, the perception that the Federal Reserve will maintain its tight monetary policy for a longer period may strengthen. Conversely, a low employment increase could reignite expectations for interest rate cuts.

In the currency market, the dollar index (DXY) is currently trading at 96.726. Due to this index exhibiting an inverse correlation with Bitcoin, an upward movement after the data release could increase selling pressure in the cryptocurrency market. This situation will be closely monitored by crypto investors.

Before the data release, there is generally a negative but cautious outlook in the cryptocurrency market. Bitcoin (BTC) has experienced a 2.2% decline in the last 24 hours, falling to $67,041.03. Ethereum (ETH) has decreased by 2.8% to $1,949.71; XRP has dropped 2.5% to $1.37; BNB has lost 5.4% to $592.36; and Solana (SOL) has fallen 3.4% to $81.21. The pricing that will emerge after the announcement of the non-farm payroll data will be a critical determinant for clarifying the short-term direction in the crypto market.