Bitcoin Price Nears $97,000—Will the NFP Report Send It Pumping or Dumping?

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Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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February 7, 2025 03:02 EST

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Bitcoin (BTC/USD) is trading at $96,900, down 1.42% over the past 24 hours, as investors await the U.S. Non-Farm Payrolls (NFP) report. The job data, expected to show 169K jobs added, down from 256K, could significantly influence Bitcoin’s direction.

A weaker-than-expected print may fuel speculation of Federal Reserve rate cuts, potentially boosting BTC. Conversely, strong job figures could strengthen the U.S. dollar (DXY), exerting downward pressure on Bitcoin.

BTC is currently consolidating within a symmetrical triangle pattern, signaling market indecision. The upcoming NFP release could serve as a catalyst for Bitcoin’s next major move.

Analysts remain divided—Standard Chartered sees BTC hitting $500,000 by 2028, while BitMEX co-founder Arthur Hayes warns of a potential drop to $70,000-$75,000 if macroeconomic conditions shift.

Institutional Investors Fuel Bitcoin Demand

Despite volatility, institutional demand for Bitcoin remains strong. Bitcoin ETFs have seen $350 million in inflows over the past 48 hours, signaling renewed confidence. BlackRock’s upcoming Bitcoin ETF launch further highlights growing institutional adoption, supporting long-term bullish sentiment.

Additionally, centralized exchanges recorded 17,000 BTC withdrawals, worth over $1.6 billion, marking the largest single-day outflow since April 2024. This trend suggests investors are moving Bitcoin into cold storage, indicating long-term holding sentiment rather than selling pressure.

Key takeaways:

• Coinbase led the outflows, processing 15,000 BTC transactions.
• Market reaction: BTC briefly dipped below $96,800, then stabilized.
• Bullish signal: Large BTC withdrawals often precede price rallies.

Bitcoin (BTC/USD) Technical Outlook – February 7, 2025

Bitcoin (BTC/USD) is trading at $96,900, down 1.42%, consolidating within a symmetrical triangle, signaling market indecision ahead of the U.S. Nonfarm Payrolls (NFP) report. This key event could trigger volatility and dictate BTC’s next breakout.

The 50-day EMA at $98,200 acts as dynamic resistance, with $98,800, $100,500, and $102,600 as key resistance levels. A break above could signal bullish momentum.

On the downside, $97,100 is immediate support, followed by $95,000 and $93,400. A drop below $91,700 could weaken BTC’s outlook.

With $47 billion in trading volume, Bitcoin remains range-bound. The NFP report will likely determine if BTC rallies above resistance or dips lower.

Key Insights:

• Bitcoin forms a symmetrical triangle, signaling uncertainty ahead of the U.S. jobs report.
• Immediate resistance at $98,800, with a breakout targeting $100,500.
• Critical support at $97,100, with a breakdown risking a drop to $95,000.

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