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On Friday at 8:30 AM, the non-farm payrolls report is expected to be somewhat bearish based on data forecasts.
The unemployment rate is expected to remain steady at 4.3%, which is not bad, but the non-farm payrolls are only expected to be 85k, significantly lower than the previous 115k.
This indicates that the job market is clearly cooling down, which will reinforce expectations of the Federal Reserve cutting interest rates.
This is bullish for the crypto market, but if the data turns out to be genuinely weak, it could trigger concerns about an economic recession, leading to a withdrawal of funds from risk assets like Bitcoin.
Additionally, the recent momentum has been weakening all along!
The data on Friday is also expected to cause a small rebound before continuing to decline! $BTC $GT $ETH