BTCUSD

Bitcoin is showing a weak outlook as it trades below the pivot level of 106,101.87. The first resistance at 107,017.20 and the first support at 103,775.80 are critically important levels. Today's ADP employment data to be released from the U.S. could shape expectations regarding the Fed's monetary policy. If employment growth comes in below expectations, it could support Bitcoin under the perception that the Fed may start interest rate cuts sooner, potentially directing the price towards the resistance at 107,017.20. Additionally, the crude oil stock data to be announced in the afternoon could also impact overall risk appetite. Trading volume in the crypto markets may decrease ahead of tomorrow's U.S. holiday, which could increase volatility. If Bitcoin falls below the support level of 103,775.80, selling pressure may accelerate, testing the level of 102,612.76.