Bitcoin Steady After NFP. Clarity Act Uncertainty Lingers

RSI approaches oversold again. All eyes on U.S. inflation

The world’s leading cryptocurrency is getting hammered lately, after failing to rebound and move above key levels. But all is not lost because Bitcoin is also showing some signs of strength.

Wednesday’s Non-Farm Payrolls report showed that the U.S. economy added 130K jobs, which is more than double the forecast. This resilience in the labor market means that a rate cut could be pushed even further down the road. Usually, cryptocurrencies and interest rates move in opposite directions: a high rate means low crypto prices and vice versa.

But despite the massive numbers added by the U.S. jobs market, and the declining probability of a swift rate cut, Bitcoin shrugged off the news without much fuss. We saw a brief drop below $66K, but the price recovered quickly, and more importantly, the news did not generate another avalanche of sell orders. This could be attributed to the fact that the overall number of jobs for 2025 was revised from 584K to just 181K. With such a huge downward revision, 2025 became the worst year for job growth since 2003, not counting recession years.

No clarity for the Clarity Act… yet 

Today, all eyes will be on the Consumer Price Index (CPI) report, which may provide a surprise reading that could change the rate cut probabilities. In the longer term, the main driver of Bitcoin and the crypto market in general remains the digital asset market structure bill, aka the Clarity Act.

Unfortunately, the bill has hit a bump in the road, namely the stablecoin yield issue. Banks are opposed to crypto platforms paying interest on stablecoins to their users, while crypto firms see stablecoin yields as a crucial element and one that should be allowed under the Clarity Act.

For banks, interest paid on stablecoins is considered a major risk because more and more people would switch to stablecoins and crypto platforms, depending, of course, on how much yield they would get. Either way, clarity for the Clarity Act would allow the market to move forward.

Chart Analysis – BTC/USD

Bitcoin is currently changing hands at $66,200, after failing to recover significantly from below $60K lows. The price was rejected by the bearish trend line that we talked about previously, but the move lacked conviction and died out quickly.

The RSI is now flirting with its 30 level again, but there is no sign of bullish divergence, so there is no strong indication that the price will shoot up. In absence of a strong catalyst, Bitcoin may drop to lower levels. The first potential support is located at the $59K low, and a break of this barrier would open the door for the $55K area, which was a zone of accumulation in mid-2024.