Bitcoin could rise due to a weaker job market, but Bitcoin ETFs are on track to their third consecutive week of net negative outflows.
The unemployment rate in the United States increased to 4.1%, surpassing the previously anticipated 4.0%, and reaching its highest level since December 2021. The price of Bitcoin has remained trapped in a downtrend for over a month, falling below the significant $60,000 mark.Bitcoin's price dropped by over 10.5% in the 24 hours leading up to 1:04 pm UTC on July 5, reaching a more than four-month low of $53,550. According to Bitstamp data, the last time Bitcoin traded at this level was in February 2024.
Institutional inflows from the United States spot Bitcoin exchange-traded funds have also been lagging behind.