Choppy Bitcoin Price Action Continues Ahead of Friday's Jobs Report
Summary
Bitcoin's price remained below $66,000 during U.S. trading hours, with modest rallies met by selling pressure. The broader CoinDesk 20 Index is down by 0.7%, dragged by 10% declines in bitcoin cash and litecoin. Bitcoin's recent rally was driven by spot ETFs, but big sales at GBTC and slowing purchases into other ETFs have led to negative net flows. Economic indicators, including rising inflation and strong job growth, have dampened hopes for easier monetary policy from the Fed. Upbeat U.S. factory data has pushed the dollar to a nearly 5-month high, impacting risk asset prices, including bitcoin.
