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24 Aug 2024

Bitcoin Bear Trap? Goldman Says Wednesday's U.S. Jobs Report is Likely to Overstate Weakness

Bitcoin Bear Trap? Goldman Says Wednesday's U.S. Jobs Report is Likely to Overstate WeaknessOn Wednesday, the Bureau of Labor statistics will publish a preliminary estimate of the benchmark revision to the level of monthly nonfarm payrolls from April 2023 to March 2024. The BLS data is expected to show job growth in the year to March 2024 was significantly weaker than initial estimates, according crypto firm SignalPlus and Morgan Stanley. Goldman Sachs believes the data could overstate weakness. Wednesday could be busy for financial markets, including cryptocurrencies, as lesser-tracked U.S. data is expected to provide a grim picture of the U.S. economy. Still, bitcoin (BTC) bears might want to exercise caution, as the data could be misleading and overstate weakness, according to one leading investment bank. On Wednesday, the U.S. Bureau of Labor Statistics (BLS) will publish a p

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