The cryptocurrency market remains cautious.
Bitcoin rose to $64156 on Wednesday, gaining 0.65% over the past 24 hours while remaining 0.14% lower over the week.
BTC tested the upper boundary of the $62275–$65410 trading range. A breakout will likely require a fresh external catalyst, such as progress in Middle East negotiations or weaker US employment data.
Friday’s NFP report will be the key event. Signs of a cooling labour market would strengthen expectations for a softer Federal Reserve stance and support risk assets. Strong data, however, could revive concerns that interest rates will remain elevated for longer and put Bitcoin under renewed pressure.
Until the data is released, the base case remains consolidation within the current range. A break above $65410 would strengthen the buyers’ position, while a move below $62275 would significantly weaken the technical outlook.
The total cryptocurrency market capitalisation stands at $2.19 trillion. Bitcoin accounts for 58.7% of the market, while Ethereum’s share is 10.3%.