Crypto Markets React to Weak US Jobs Data as Unemployment Beats Expectations

US Labor Data Comes in Mixed

Fresh US macro data released today sent mixed signals to financial markets:

Nonfarm Payrolls (NFP):

• Expected: 66,000
• Actual: 50,000 (below expectations)

Unemployment Rate:

• Expected: 4.5%
• Actual: 4.4% (better than expected)

The weaker-than-expected job creation points to a slowing labor market, while the slightly lower unemployment rate suggests conditions are not deteriorating sharply. This combination kept markets cautious rather than decisively bullish or bearish.

How Crypto Markets Responded

Following the data release, crypto markets showed limited upside momentum, reflecting uncertainty around the next macro move.

The total crypto market cap continues to trade around $3.05 trillion, holding above a rising trendline visible on the short-term chart. Price action remains sideways, with buyers defending support but lacking strong follow-through.

Total market cap in USD - TradingView

This reaction highlights a familiar pattern:

• Weak economic data supports the rate-cut narrative
• But mixed signals reduce conviction for aggressive risk-on positioning

As a result, traders are waiting for clearer confirmation before pushing prices higher.

Technical View: Sideways Structure Remains Intact

From a technical perspective:

• The total market cap is still respecting an ascending support line
• Momentum indicators show no breakout confirmation
• Short-term rallies are being sold into, keeping prices range-bound

As long as crypto holds above this trendline, the broader structure remains constructive — but a clean breakout will likely require stronger macro or liquidity-driven catalysts.

Why This Data Matters for Crypto

Labor market data directly influences Federal Reserve policy expectations, which remain a key driver for crypto:

• Weaker job growth increases pressure for future easing
• Stable unemployment delays urgency for immediate action
• Crypto benefits most when markets price in clear liquidity expansion

Until that clarity emerges, volatility is likely to stay contained.