Bitcoin today stabilizes at $70,000 and repeatedly competes for $71,000, with moderate increase in trading volume. According to the latest article from 10x Research, the moldy economy is slowing down, which is a good thing for now. GDP is only slightly higher than 1%, and the ISM manufacturing index has been in a contraction state for several months. The employment situation remains weak, which has a negative impact on consumer spending. Last night, another key and forward-looking employment indicator, job vacancies, significantly slowed down, all of which will lead to a decrease in inflation.

This Friday we will receive more employment data, and a weaker than expected result may lead to interest rate cuts. Next week we will receive the CPI inflation report. If the CPI year-on-year growth is 3.3% or lower, a decline in US employment or inflation will further promote the rise of Bitcoin's closing price. Therefore, we expect Bitcoin to reach $73,500 or more by next weekend.