BREAKING: US Non-Farm Payrolls and Unemployment Data Released! Here’s Bitcoin’s (BTC) Initial Reaction!
The leading cryptocurrency, Bitcoin, got off to a strong start in October. After being stuck in the $82,000–$85,000 range at the end of September, $BTC broke above this consolidation zone and rose to levels around $86,900.
While the continuation of the upward trend for $BTC is being closely watched, global and cryptocurrency markets are focused today on critical employment data from the US. The main reason for this is the impact of the employment market on the Fed’s monetary policy.
Whether the announced figure comes in significantly above or below expectations could increase volatility in risky assets, including the Fed’s interest rate policy, US bond yields, the dollar, gold, and Bitcoin. Conversely, a lower-than-expected employment figure could signal a weakening US labor market, strengthening expectations of Fed interest rate cuts; in this scenario, a potential decline in the dollar and bond yields could support demand for risky assets like Bitcoin.
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Conversely, stronger-than-expected employment figures could signal the resilience of the US economy, reinforcing expectations that the Fed may reduce interest rate cut expectations and create tighter financial conditions, potentially putting short-term selling pressure on Bitcoin.
The data released for September is as follows:
Non-Farm Payrolls Data: Reported 29k – Expectation 89k – Previous 162k
Unemployment Rate: Announced 4.2% – Expected 4.1% – Previous 4.1%
Bitcoin’s reaction after the data was released was as follows:
*This is not investment advice.
