According to the latest U.S. ADP Employment Report released in May, job growth significantly underperformed expectations, adding only 37,000 positions compared to the forecasted 110,000. This marks the slowest pace in over two years, signaling a notable deceleration in the labor market. The data reflects cautious hiring trends, particularly among small businesses, amid ongoing uncertainty surrounding U.S. economic policies. Despite robust wage growth, overall employment figures remain subdued, fueling market anticipation of a potential economic slowdown and an earlier-than-expected Federal Reserve rate cut.
Market sentiment has been further influenced by President Trump’s renewed calls for a rapid reduction in interest rates, citing concerns over the U.S. economy’s competitive stance. Supporting this view, the FedWatch tool indicates a 76.4% probability of a rate cut by September. Crypto analysts at Bitunix interpret the weak employment data as a catalyst for Bitcoin’s short-term rebound, with key technical resistance levels identified at $106,300 and $108,500. Traders are advised to monitor the upcoming non-farm payroll report closely, as continued labor market softness could reinforce expectations for monetary easing and support long positions in BTC.