Bitcoin trades at $78,796.58 as traders position for a week of U.S. labor data that could sway the Federal Reserve's next interest rate decision. Six major economic releases land between Monday and Friday, with the July jobs report seen as the most consequential for Bitcoin, Ethereum and XRP.
Bitcoin is trading at $78,796.58, up 1.7% over seven days and lifting its market cap to $1.58 trillion, as traders brace for a data-heavy week that could shape the Fed's next policy move. Ethereum sits at $2,478.28, up 0.7% over the same period. XRP has climbed 7.7% to $1.40. Solana leads gains, up 12% to $106.44, and BNB trades roughly flat at $698.37.
Six data points precede Friday's jobs report
According to The Kobeissi Letter, six major economic releases are scheduled this week, with the labor market as the central focus. Chicago PMI data lands Monday, followed by ISM Manufacturing PMI and Prices data plus July JOLTS job openings on Tuesday. ADP nonfarm employment data follows Wednesday, ISM Non-Manufacturing PMI and Prices data Thursday, and the July jobs report closes the week Friday.
Employment data carries outsized weight for crypto right now because it feeds directly into the Fed's next interest rate decision at the next FOMC meeting. A labor market that shows unexpected strength could reinforce the hawkish tone Fed Chair Kevin Warsh struck at Jackson Hole, keeping rate-cut expectations low and pressuring risk assets including Bitcoin, Ethereum and XRP.
Bitcoin holds range with $82,500 as the level to watch
Bitcoin remains range-bound between support near $73,000-$75,000 and resistance in the $80,000-$82,000 zone, with a breakout above roughly $82,500 seen by technical analysts as the level needed to confirm a larger bullish trend shift. A significant pocket of liquidation liquidity sits between $76,400 and $76,700, a level analysts have flagged as a likely near-term target if short-term weakness continues.
Ethereum holds above $2,400 as XRP tests support
Ethereum is holding above the $2,400 level, keeping its bullish breakout structure intact, with the next resistance zone at $2,750 to $2,800. XRP is testing support between $1.30 and $1.40 after rejecting resistance near $1.60 to $1.70, following an extended overbought signal that triggered the pullback. The cooldown does not necessarily signal a reversal, but rather a reset before a potential resumption of the broader trend.
With five separate labor and manufacturing data points landing between Monday and Friday, volatility across Bitcoin, Ethereum and XRP is likely to build heading into Friday's jobs report, widely seen as the week's most important release. How the data lands relative to expectations will likely determine whether the current consolidation resolves upward or extends the cooling-off period.
Source: Coinpedia Fintech News
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