Bitcoin Price Today: Bullish and Bearish Targets Ahead Of US Jobs Report

Bitcoin is trading at $77,755.77, up 1.1% over 24 hours, as the broader crypto market cap sits at $2.7 trillion, roughly flat on the day with $73.5 billion in trading volume. Bitcoin’s share of the total crypto market has grown to 59.7%, its highest recent level, as BTC continues outpacing altcoins in overall market weight. Ethereum dominance sits at 11.2%, while the remaining assets across the market make up 29.1% of total capitalization.

Weak Labor Data Adds to Rate Cut Bets

Private payrolls rose by just 38,000 in August, according to ADP data, below the 47,000 forecast and down from July’s 46,000 reading. The softer print has strengthened the case for a Federal Reserve rate cut, a scenario that would typically support stocks and crypto while pressuring the dollar and Treasury yields.

Markets are now focused on Friday’s nonfarm payrolls report, with economists expecting a gain of 53,000 jobs and unemployment holding steady at 4.1%.

Expert Take

According to market analysis from Vikram Subburaj, CEO of Giottus.com, Bitcoin is trading in a largely range-bound market as investors wait for clearer signals from Friday’s employment data. Markets are currently pricing in roughly a 66% probability of a rate move from the Fed, a level of uncertainty Subburaj said continues to cap risk appetite across crypto.

On-chain data paints a mixed but not weak picture, Subburaj told Coinpedia. Around 68% of Bitcoin’s circulating supply remains in profit, and the short-term holder cost basis sits near $71,000, meaning most recent buyers are still in positive territory. 

However, he flagged that ETF demand has become less consistent following a strong August, suggesting institutional buying is no longer providing the same steady, one-directional support it did earlier in the rally.

Large-cap altcoins remain subdued alongside Bitcoin, with Ethereum trading near $2,383 and Solana around $100, broadly in line with current CoinMarketCap pricing of $2,404.20 and $100.90 respectively.

Levels to Watch

Subburaj’s advice for traders heading into Friday’s data was to avoid aggressive leverage, and favor staggered accumulation with disciplined position sizing instead. He flagged $76,200-$76,500 as the immediate support zone for Bitcoin, with $77,700-$78,300 as the resistance range to watch in the near term.