BTC slips to $61,900 as jobs data looms and Zcash bug…

Bitcoin has erased most of yesterday's modest recovery, sliding to $61,900 during U.S. morning hours — down 0.8% over the past 24 hours — as traders brace for the May Nonfarm Payroll Report.

Why it matters

The macro backdrop has grown increasingly hostile for risk assets. Rate-cut expectations that dominated early-year sentiment have flipped toward the possibility of hikes, driven in part by surging energy costs pushing inflation higher. The NFP print carries unusual weight this morning: a meaningful deterioration in the labor market is one of the few catalysts that could reverse the rate-hike narrative and restore a tailwind for crypto. A strong number, by contrast, would cement the higher-for-longer thesis and add fresh pressure to an already stressed market.

Adding to the negative tone, a bug in the Zcash network has contributed to broader unease across the crypto space, arriving at a moment when sentiment was already fragile following this week's price crash.

Market impact

BTC is effectively range-bound at the lower end of recent support, with direction heavily contingent on today's macro data. A dovish NFP surprise — weak jobs, softer wages — could spark a relief rally. A hawkish read would likely accelerate selling. Traders should treat the next few hours as a binary macro event rather than a technical setup.