US Economic Data Could Boost Bitcoin Amid Market Stability

The upcoming week is pivotal for Bitcoin (BTC) as US economic reports are set to be released. BTC has been trading sideways in a range of $104,000 to $109,000 after hitting a new high of $111,980, with an 11% increase in May that has yet to continue. Investors are keenly watching US economic data, which could influence the market direction in the days ahead. On June 3rd, the latest JOLTS report for April will be published, showing a decrease in job openings to 7.192 million in March, the lowest since September 2024. This decline occurred prior to Trump announcing new tariffs, and analysts believe that tough trade policies are beginning to impact the labor market. Continued downward trends might prompt the Federal Reserve to consider lowering interest rates. Additionally, employment data for the private sector for May, scheduled for release midweek, is anticipated. In April, only 62,000 jobs were created, significantly less than March's 147,000, with forecasts expecting 112,000 jobs in May. If these numbers fall short, it could heighten expectations of monetary easing by the Fed, which may boost Bitcoin as a safe-haven asset. On Thursday, updated unemployment claims data will be published, with a forecast of 232,000 claims, up from 240,000 last week—the highest since November 2021. An increase would signal a slowing labor market, potentially leading the Fed to support the economy, a positive for Bitcoin. Finally, on Friday, May employment figures and unemployment rates will be released. With April's 177,000 new jobs and a steady 4.2% unemployment rate, the market expects 130,000 new jobs for May. Slower growth due to tariffs could influence Fed policies, and a weakening dollar in such a scenario would enhance Bitcoin's attractiveness for investors.