The US economic calendar may be shortened by the Labor Day holiday, but this week is packed with labor market updates that could move both traditional markets and crypto. With Bitcoin sliding under $107,500 and Ethereum struggling to hold $4,400, the stakes couldn’t be higher. The total crypto market cap dropped 2% to $3.8 trillion, dragging altcoins like XRP, Solana, Dogecoin, Cardano, Chainlink, and Sui deeper into the red, dimming hopes for a near-term altseason rally.
The week kicks off with Wednesday’s JOLTS job openings report. Economists expect July’s data to hold steady at 7.4 million. If the labor market remains firm, the Fed may feel less pressure to cut rates, which could strengthen the US dollar but squeeze liquidity, usually a bearish setup for Bitcoin and other risk assets.
Thursday’s ADP private payrolls data will be closely watched. After July surprised with 104,000 new jobs, August is forecast at just 75,000. A slowdown could boost crypto by reviving hopes of Fed easing, but there’s a catch: too much weakness may spark recession fears, creating short-term volatility before markets stabilize.
Also on Thursday, weekly jobless claims are expected at 231,000, just above last week’s 229,000. A sustained rise in claims would signal labor market softening, nudging the Fed toward a more dovish stance. That’s positive for Bitcoin, though traders may dismiss a modest increase as noise.
The main event lands on Friday with August’s jobs report. Markets anticipate 75,000 new jobs and a slight rise in unemployment to 4.3%. Such results could be interpreted as neutral-to-dovish, adding fuel to the case for future rate cuts and potentially sparking a mild crypto rebound.
Beyond macro data, Bitcoin faces its own seasonal hurdles. On-chain activity has slowed, institutional inflows have reversed, and September has historically been BTC’s weakest month. This makes traders cautious, even if economic catalysts lean bullish.
Bitcoin’s $105,000–$108,000 range remains the key support to defend. A dovish macro backdrop could ignite a relief rally toward $115,000–$120,000, but stronger jobs data would likely pressure BTC further, deepening its correction. For now, all eyes remain on this week’s labor data.
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