Bitcoin Weekly Forecast: Gearing up for a sharp move

• Bitcoin price hovers around $81,000 on Friday, up over 4% so far this week.
• US-listed spot Bitcoin ETFs are on track for a third straight week of inflows, with $812.26 million recorded through Thursday.
• Market participants await the US NFP report release, which could provide fresh clues on the Fed’s policy path and determine BTC’s next directional move.

Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows. 

Meanwhile, traders are turning their attention to the US Nonfarm Payrolls (NFP) report on Friday for clues on the Federal Reserve’s (Fed) policy path, which could dictate the near-term direction of the Crypto King.

All eyes on US NFP data

Bitcoin traders are positioning for the next catalyst that could determine its next direction. The focus now shifts to US macroeconomic data, especially labor market health and its potential implications for the Fed’s monetary policy.

The FXStreet economic calendar below shows that August Nonfarm Payrolls are set to be released on Friday at 12:30 GMT, and the market expects a reading of 56k. The unemployment rate is expected to remain steady at 4.1%, while annual wage growth is forecast to moderate slightly to 3.0% down from 3.2%.