Hassan Maishera
TL;DR
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Bitcoin has been underperforming since the start of the week, losing 6% of its value in the last couple of days.
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The NFP data could lead to a stronger US Dollar and could further affect BTC’s price action in the short term.
BTC Still Trading Below $66k As Market Remains Choppy
The cryptocurrency market has been underperforming since the start of the week, with the prices of several leading coins and tokens still in the red. Bitcoin has lost more than 6% of its value so far this week and could see further correction in the coming days.
Bitcoin is down by 1% in the last 24 hours and is now trading at $65,778 per coin. The poor performance comes as flows into the new spot ETFs have been subdued for a couple of weeks.
Bitcoin is also underperforming ahead of tomorrow’s Nonfarm Payroll data release in the United States. Market experts expect 200,000 new job additions for March, with the strong data expected to result in a stronger US Dollar. The US Dollar gaining strength could result in further correction for Bitcoin.
The market’s poor performance comes 16 days ahead of the next Bitcoin halving. Despite the current market conditions, many expect BTC’s price to rally higher following the halving.
