Today, the Non-Farm Payrolls (NFP) report, released every first Friday of the month, is set to be released and is expected to have a direct impact on financial markets, including the cryptocurrency sector. As the US dollar’s volatility is set to increase, Bitcoin has been holding close to its yearly highs.
The technical picture of Bitcoin is bullish and favors more upside for the cryptocurrency. Since the 2022 lows, Bitcoin has been forming a series of higher highs and higher lows. This formation is typical in bullish trends, and while in place, the bias remains bullish. Additionally, a possible bullish flag has been identified, with a target of $35k for Bitcoin, as indicated by its measured move.
Therefore, the NFP report can be the one to make or break the trend. On a better-than-expected report, the US dollar should strengthen, and Bitcoin might test the trendline. On the other hand, if the US economy added fewer jobs in July than the market expects, Bitcoin might go for the bullish flag’s measured move in the days to follow.
