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Firstly, Bitcoin's price slid to around thirty-four thousand two hundred dollars ahead of the U.S. nonfarm payrolls data release. This key data could potentially impact risk assets, including cryptocurrencies. At the time of the report, Bitcoin's price represented a two percent drop on the day, even though it briefly surpassed the thirty-six thousand dollar mark earlier in the week. The U.S. Labor Department was expected to release nonfarm payrolls data showing the economy added a hundred eighty thousand jobs in October, a sharp slowdown from September's three hundred thirty-six thousand additions. According to Ilan Solot, co-head of digital assets at Marex Solutions, better-than-expected jobs data might weigh on risk assets, and a positive jobs figure could boost the dollar index, adding downside pressure on Bitcoin.

In a separate analysis, the four-hour Bitcoin chart showed critical levels that could shape its direction. The pivotal point was identified as thirty-three thousand nine hundred sixty-five dollars, acting as a key marker for price swings. Resistance levels were noted at thirty-five thousand two hundred fifty-five dollars, thirty-six thousand forty dollars, and thirty-six thousand nine hundred ninety-five dollars. Conversely, support levels were found at thirty-three thousand ninety-five dollars, thirty-two thousand four hundred dollars, and thirty-one thousand eight hundred dollars, offering a buffer against declines.

Moreover, the U.S. Securities and Exchange Commission (SEC) is currently reviewing eight to ten filings for possible Bitcoin exchange-traded products. SEC Chair Gary Gensler announced this on a Thursday, indicating a growing interest in creating financial products around Bitcoin.

Lastly, inflation is considered a key factor in Bitcoin's price for this year. Some analysts believe that the ongoing inflation could lead to a significant rise in Bitcoin prices next year, aligning with the upcoming Bitcoin halving event.