Bitcoin (BTC) and the market are rallying hard after the US October jobs data is released on Friday.

By creating 261,000 new nonfarm jobs in October as opposed to the anticipated 205,000, the US exceeded expectations.

The price of Bitcoin immediately changed, falling by a few hundred dollars before rising to a high. At the time of writing, BTC is trading around $21,000.

Following the FOMC meeting on Wednesday, the Federal Reserve raised its benchmark interest rates by 75 basis points. However, Bitcoin’s response was unexpected; instead of breaking through the $20,000 support level, its price moved close to it.

It is also important to note that both the unemployment rate and the overall unemployed measure rose to 3.7% and 6.8%, respectively.

However, this has not been a complete breakout, as BTC has not really broken out of the $25,000 price zone for more than 3 months.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

#Bitcoin

BTC

Farm

fed

Non-farm

us

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Related Posts

• Will Bitcoin Hit 100K by Year-End as Hopes Rise?
• UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment
• El Salvador Bitcoin Investment Reached Over $125M in Profits
• Bitcoin Price in 2025 Will Reach $200,000: Bernstein
• Bitcoin Reserve Strategy Expected to Be Approved in Trump’s First 100 Days
• Bitcoin Mailing List Now Inactive After 10 Years
• Sheetz Crypto Payments Now Accepted at Over 750 US Locations
• Fed Interest Rates Cut Makes Crypto Markets Excited Again

Bitcoin

Bitcoin Rises After US Job Report Is Published

Bitcoin (BTC) and the market are rallying hard after the US October jobs data is released on Friday.

By creating 261,000 new nonfarm jobs in October as opposed to the anticipated 205,000, the US exceeded expectations.

Non-farm payrolls grew by +261k in October, yet another month of stellar job growth.

Past two months show revisions of +52k for September and -23k for August, so this is an even stronger report.

Unemployment rate rose a tick to 3.7%.

This is a very strong economy.

— Justin Wolfers (@JustinWolfers) November 4, 2022

The price of Bitcoin immediately changed, falling by a few hundred dollars before rising to a high. At the time of writing, BTC is trading around $21,000.

Following the FOMC meeting on Wednesday, the Federal Reserve raised its benchmark interest rates by 75 basis points. However, Bitcoin’s response was unexpected; instead of breaking through the $20,000 support level, its price moved close to it.

It is also important to note that both the unemployment rate and the overall unemployed measure rose to 3.7% and 6.8%, respectively.

However, this has not been a complete breakout, as BTC has not really broken out of the $25,000 price zone for more than 3 months.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

Other Posts

Related Posts

[tptn_list limit="8" title_length="0" heading="0" show_date="0" daily="1"]