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$BTC drops toward $70,000 ahead of U.S. jobs data; oil price rises on Iran war
Investors are turning more defensive as geopolitical tensions rise and key U.S. labor market data approaches.
What to know:
Bitcoin dropped toward $70,000 before the monthly U.S. jobs report, where unemployment is expected at 4.3% and nonfarm payrolls at 59,000.
Broader markets are showing risk-off signals, with WTI crude rising above $83 per barrel, the Dollar Index strengthening above 99 and the Nasdaq-100-tracking Invesco QQQ ETF down about 0.5% in pre-market trading.
Strategy (MSTR), Coinbase (COIN) and MARA Holdings (MARA) are all priced lower in pre-market trading.
Bitcoin is on the cusp of falling below $70,000 for the first time since Wednesday, after climbing as high as $74,000 earlier this week.
The Ethereum price slammed into the critical $2,160 resistance level yesterday, and after attempting to reverse a historic six-month losing streak, ETH USD looks to have rejected and is now trading back under $2,100.
Price action is currently extremely volatile, with ETH falling -1.6% over the last 24 hours to trade near $2,080, leaving traders paralyzed between a potential breakout and a classic bull trap.
While bullish momentum is building on lower timeframes, many European trading desks are warning of a classic bull trap setup, a fakeout that lures buyers in before flushing the price to new lows.
With the asset sitting at a make-or-break pivot, this coming weekend could define the Ethereum trend for the remainder of Q1 2026.
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