Aaryamann Shrivastava
FXStreet
- Bitcoin price slipped by 1.85% on the hourly chart following the release of the September US jobs report.
- The US Bureau of Labor Statistics (BLS) reported an addition of 336,000 jobs against market expectations of 170,000.
- With the jobs report coming in 97% above forecasts, the Federal Reserve has room to keep its rates higher for longer.
Bitcoin price had a rather negative initial reaction to the release of the US Nonfarm Payrolls for the month of September. Beating by wide margin market expectations, the jobs report highlighted the addition of about 336,000 jobs against the forecast of 170,000 jobs.
The reading noted for the month of August was also upwardly revised from 187,000 to 227,000, marking a 21% increase.
Read more - US Nonfarm Payrolls rise by 336,000 in September vs. 170,000 forecast
Bitcoin price dips to a three-day low
Bitcoin price trading at $27,381 noted a dip of 1.85% in the first hour following the release of the US Nonfarm Payrolls report. Consequently, during the intra-day trading, BTC slipped to a three-day low of $27,269, even losing the support of the 200-day Exponential Moving Average (EMA). However, at the time of writing, the cryptocurrency recovered from the initial decline to test the resistance level at $27,418.
BTC/USD 1-hour chart
With the jobs report for the month of September coming in 97% above expectations, the US Dollar Index (DXY) noted an increase of 0.45% on a daily basis at 106.80. Commenting on the report, FXStreet analyst Yohay Elam stated,
"The leg may have been off the accelerator, but it is on it once again – September's Nonfarm Payrolls shocked to the upside with a whopping gain of 336,000. They provide enough fuel for the Federal Reserve (Fed) to keep its rates higher for longer – and perhaps even a rate hike just after Halloween. September's employment report boosts the US Dollar. Any meaningful recovery in Gold and stocks will have to wait."
US federal funds rate target range is currently at 5.25 - 5.50%.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Turn off Solana and win $400,000 - Solana Foundation executive announces offer
Solana has been touted as an Ethereum killer, but as with every blockchain in the crypto market, the network does not come without its fair share of issues. While many who get hacked or exploited deal with the issues after the fact, Solana intends to get a step ahead by making a very lucrative offer to white hat hackers.
Grayscale vs. SEC deadline: Commission faces a midnight Friday deadline to challenge August 29 loss
Grayscale Investments secured a resounding victory in its longstanding case against the US Securities and Exchange Commission in late August. The lawsuit started in October after the firm approached the D.C. Circuit Court pushing to have its Bitcoin Trust converted to an Exchange-traded fund.
Loom Network price hits strong weekly resistance after 32% surge as LOOM ranks high on Korea’s Upbit
Loom Network token is highly bullish, passing as a rather lucrative investment for scalping traders, buying and selling the asset within a short period to make small profits.
Voyager founder charged by CFTC for fraud and by FTC for misleading investors that lost $1 billion
Voyager was among the first crypto companies to collapse and file for bankruptcy in 2022. While the platform has been making efforts to return its customers' assets since then, it looks like the regulatory bodies are not willing to be patient.
Bitcoin: Can BTC bears challenge crypto’s 2023 bull rally?
Bitcoin (BTC) price is at a critical juncture in the weekly time frame, where bulls and bears are battling for control. However, a multi-time-frame analysis shows that BTC is bullish daily and is likely to rally higher.