Bitcoin continues to fluctuate sideways while forming a symmetrical triangle pattern around $70k. Bitcoin started off this week with a seemingly spot-market-led sell off and dipped slightly below $65k, but with the increased U.S. initial jobless claims on Thursday, the price started to recover. However, the recovery has been cut short during Friday’s Tokyo session as the market awaits U.S. jobs report, which is expected to show fewer job creation than the previous three months.
If the employment data indicates some cooling in the labor market, the market could regain confidence that the Fed will start cutting rates this summer and not later. Meanwhile, although daily cash flows for spot bitcoin ETFs have not completely recovered, outflows from Grayscale’s GBTC have significantly reduced and their daily aggregate net flows have recorded four positive days out of the last five business days. Furthermore, with bitcoin cash completing its halving this week, the market’s attention could now shift to bitcoin, which is expected to go through the fourth halving later this month.