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.

Bitcoin Rises After US Job Report Is Published 3

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.

BTC daily chart. Source: Coincu

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.

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Harold

CoinCu News

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.