BTCUSD

The Bitcoin market will focus on the impact of U.S. economic data on risk appetite this week. Fed Chairman Powell's speech on Tuesday could determine the direction of the crypto markets. If the U.S. Non-Farm Payroll data to be announced on Thursday comes in below expectations and unemployment rises, it could positively reflect on Bitcoin with expectations that the Fed may accelerate its rate-cutting process. The JOLTS Job Openings data in the U.S. is expected to decline to 7.32 million, which could confirm a cooling in the labor market. The decrease in market liquidity due to the U.S. July 4 holiday could increase volatility. Although the Manufacturing PMI from China remaining at 49.7 indicates contraction and raises concerns about global growth, the shift from risky assets to safe havens could negatively impact Bitcoin.