Bitcoin and Gold see volatility driven by market signals and US jobs data

Bitcoin and gold are experiencing significant market movements driven by economic indicators and technical shifts.

Bitcoin has been trading within a compressed range, recently closing the week above $65,000 after recovering from a low near $62,235. On-chain indicators from Glassnode suggest the market is in a late-stage bear market phase, with 45 price metrics signaling a period of capitulation similar to the period following the FTX collapse. Technical analysis indicates the asset is currently testing critical pivot zones, with resistance noted around $66,300–$66,400.

Gold has seen a sharp rally, posting its strongest weekly performance since January with a gain of over 7%. This surge was largely driven by an unexpected contraction in US non-farm payrolls, which revealed a loss of approximately 23,000 jobs. This weak employment data has shifted expectations regarding Federal Reserve monetary policy, as declining labor strength reduces the pressure for interest rate hikes. Gold is currently stabilizing in a trading range between $4,336 and $4,350 per ounce, maintaining a bullish short-term structure.