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.
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Harold
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