Bitcoin Rally Continues But Concerns About Pullback Loom.

Bitcoin made a remarkable move, surging to $44,000 following the Wall Street opening on December 8, as the latest United States employment data quashed market speculations of imminent interest rate cuts.

The developments were closely monitored using data from Cointelegraph Markets Pro and TradingView, as the crypto market reacted to fresh signals of inflation in the US economy.

The official release from the US Bureau of Labor Statistics showed that nonfarm payrolls exceeded expectations, with 199,000 jobs added compared to the anticipated 190,000.

Additionally, the unemployment rate was lower than forecast, coming in at 3.7% instead of the predicted 3.9%.

These figures suggested that the full impact of the Federal Reserve’s monetary tightening had yet to materialize, leading to a nervous response from the markets.

Before the release of the November jobs report, there was a 60% likelihood of rate cuts commencing in March 2024.

However, after the latest data, the odds of rate cuts starting in January 2024 plummeted from 16% to just 6%..