Followin message, on June 5th, the US May ADP employment report only added 37,000 jobs, far below the expected 110,000, hitting a two-year low, reflecting a slowdown in the labor market. Data shows that companies are reducing hiring due to Trump's policy uncertainty, especially with small and medium-sized enterprises losing job positions.
Although wages continue to grow strongly, overall employment weakness suggests the market expects economic slowdown and potential earlier interest rate cuts. Trump has again pressured Powell to cut rates quickly, emphasizing that the US economy is falling behind. Additionally, the FedWatch tool indicates that the market's probability of a September rate cut has risen to 76.4%.
Bitunix analysts suggest:
In the short term, weak data may support BTC's continued rebound, with market focus on Friday's non-farm payroll report. If it again shows labor market cooling, it will strengthen expectations of rate cuts this year.
Technically, BTC's short-term resistance is at $106,300, with potential to challenge $108,500 if broken; support range is between $104,000–$103,500. Recommended to maintain a cautiously bullish stance and wait for further guidance from the non-farm report.
