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Riot Platforms and Core Scientific, two major Bitcoin mining companies, are set to report their Q2 earnings this week, with investors closely watching for signs of profitability amid volatile crypto markets. The U.S. nonfarm payrolls report, due on Friday, will also influence Federal Reserve rate decision expectations, which could indirectly impact Bitcoin prices. Analysts note that strong earnings from mining firms might signal improved industry fundamentals, while weak data could raise concerns about crypto sector sustainability. For traders, the earnings reports will provide insights into Bitcoin’s production costs and mining efficiency, which are critical for long-term price projections. The Fed’s policy outlook remains a key driver for both equity and crypto markets, as rate hikes could increase borrowing costs for miners and reduce speculative demand. Additionally, the jobs report will clarify whether the U.S. economy is cooling enough for rate cuts in 2024. Investors should monitor Bitcoin’s reaction to these events, particularly if the Fed signals dovish intentions or if mining firms show improved margins. The broader market may also react to any surprises in the jobs data, which could trigger a risk-on or risk-off sentiment. Key levels to watch include Bitcoin’s $65,000 support and resistance at $70,000.
