Bitcoin (BTC) Back to $62,000 on Strong US Payroll Data

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As an analyst with over two decades of market experience under my belt, I have seen countless employment reports sway markets in various directions. However, this September jobs report, with its impressive 250,000 job addition, seems to have left Bitcoin (BTC) cold – a bit like serving a five-star meal to an ice sculpture.

The U.S. Bureau of Labor Statistics released an exceptionally optimistic job market report before the U.S. election, revealing that businesses added an impressive 250,000 jobs in September. Remarkably, this encouraging employment data did not spark a surge in Bitcoin (BTC) prices.

U.S. adding whopping 250,000 jobs, Bitcoin (BTC) fails to spike

As an analyst, I find myself reporting on some encouraging economic news from September 2024. The unemployment rate in the United States dropped slightly to 4.1% compared to 4.2% in August. This decrease is primarily due to American businesses adding a robust 250,000 jobs, marking an improvement over previous months. This significant positive employment data serves as a powerful macroeconomic catalyst for U.S.-related stock market indices.

September jobs report: US economy adds 254,000 jobs vs. 150,000 expected

— Yahoo Finance (@YahooFinance) October 4, 2024

During August, job postings increased by 159,000, and in July, there were 144,000 new positions created. The strong employment data for September indicates that the U.S. economy managed to deal with the aftermath of Hurricane Helene effectively.

In simpler terms, despite a highly positive report, Bitcoin (BTC), the leading cryptocurrency, didn’t sustain its upward momentum following its immediate rise from $61,292 to $62,000; the price surge quickly fizzled out.

Currently, Bitcoin (BTC) has dropped down to approximately $61,000 and seems poised to fall slightly beneath its level from the previous day. Meanwhile, Ethereum (ETH), the second largest digital currency, experienced a decrease of about 1.3% within the past hour.

At the stock exchange’s opening, the S&P 500 gained 0.17%, and the NASDAQ 100 rose by 0.47%. Both indices were boosted by exceptionally positive employment figures.

Short-term rally on horizon for BTC?

Currently, cryptocurrency markets are battling to recover from a long-term economic downturn due to international economic uncertainties. However, today, the total value of these markets increased by 2.1%.

As an analyst, I’m optimistic about Bitcoin (BTC), the leading cryptocurrency, in the near future. Previously reported by U.Today, the Coinbase Premium ratio displayed a bullish “golden cross” on shorter timelines.

According to CryptoQuant analysts, the current trend indicates that U.S. investors are strong, which could potentially lead to an increase in Bitcoin’s (BTC) price.

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2024-10-04 18:55