Bitcoin briefly gave back some pre-holiday gains after a stronger-than-expected U.S. employment print on Thursday. The hour-long wobble, underlined how quickly crypto is traded around Fed-related headlines.
Bitcoin Slips as Hot U.S. Jobs Report Knocks Down Expectations of July Fed Cut
3 July 2025 - 18:25 CEST
By Giles Broom
The coin fell about 2% to just under $109,000 within minutes of the US jobs data release, after climbing above $110,000 during the European morning. It rebounded, outstripping the morning's advance.
June non-farm payrolls rose 147,000, smashing a consensus estimate of 110,000, while the jobless rate unexpectedly dipped to 4.1%. Average hourly earnings cooled to 0.2% m/m and 3.7% y/y.
Markets react- Stocks: S&P 500 and Nasdaq-100 futures up ~0.3 %.
- Bonds: 10-year Treasury yield jumped about five basis points to 4.34%.
- Dollar: Firmer across majors; gold unchanged.
- Crypto: ETH slipped toward $2,540; majors followed BTC lower.
CME FedWatch now shows just a 5% chance of a July cut, down from 25% predicted before the employment data was released and taken into consideration. Odds of a September move also eased. US Federal Reserve Chair Jerome Powell has argued the central bank can “wait and see,” a stance reinforced by today’s report and at odds with President Trump’s call for an immediate cut.
Next steps for crypto- Macro still matters: Solid job numbers kept Bitcoin from rising too high.
- Volume is thin: Spot and derivatives activity sit at multi-month lows, so any macro surprise can still move prices.
- Next catalysts: July’s packed calendar—Trump’s deficit bill, 9 July tariff deadline, 22 July Strategic Bitcoin Reserve update—could re-ignite volatility.
Unless ETF inflows dry up or July delivers a genuine shock, Bitcoin bulls may need to wait out the summer for the next leg higher.
