Bitcoin pulls back toward $70,000 before the U.S. jobs release as oil prices surge amid Iran conflict.

Investors Turn Defensive Ahead of U.S. Jobs Data Amid Iran Tensions

Investors are moving to safer positions as geopolitical tensions rise and key U.S. labor market data approaches.

Bitcoin is poised to drop below $70,000 for the first time since Wednesday, following a peak near $74,000 earlier this week. The decline reflects a broader risk-off mood as markets brace for both U.S. macroeconomic data and the escalating conflict in Iran.

Attention is focused on the U.S. jobs report, scheduled for 13:30 UTC. Economists expect the unemployment rate to hold steady at 4.3%, while nonfarm payrolls are forecast to fall to 59,000. Labor market data is closely watched because it can influence Federal Reserve interest-rate expectations, often prompting investors to reduce risk ahead of the release.

The war in Iran, now approaching its first week, is also driving market caution, pushing oil prices higher. WTI crude has risen above $83 per barrel, climbing more than 5% in the past 24 hours.

Elsewhere, the U.S. Dollar Index (DXY) has strengthened above 99, and the 10-year Treasury yield has risen to roughly 4.16%. Equity markets are slightly lower, with the Invesco QQQ ETF, which tracks the Nasdaq 100, down about 0.5% in pre-market trading. Crypto-related stocks including MicroStrategy (MSTR), Coinbase (COIN), and Marathon Digital (MARA) are also trading lower ahead of the open.