Could Manipulated NFP Data Hit Bitcoin?

Bitcoin rallied last Friday after Fed Chair Jerome Powell signaled a potential interest rate cut in September. However, those gains have since faded, with BTC now back near $112,000—its price before Powell’s remarks.

The market’s attention is now turning to the upcoming U.S. Non-Farm Payroll (NFP) report, which could significantly impact interest rate expectations.

A stronger-than-expected jobs report could reduce the odds of a September cut, pressuring risk assets like Bitcoin. But some analysts are raising concerns about data integrity. Speculation has emerged that the Trump administration may be pressuring the Bureau of Labor Statistics to inflate job numbers—especially after a portrait of Trump was installed in the Department of Labor Building.

If job data appears artificially strong, markets may reassess dovish bets. Technically, Bitcoin risks deeper retracement if sentiment turns. Key Fibonacci levels to watch include 141.4% at ~$109,900 and further support near $108,700.