$BTC #nfpwatch
Friday’s jobs report came in well below expectations. The U.S. economy added only 29,000 jobs in September, versus a forecast of 90,000. Unemployment rose to 4.2% from 4.1%. In addition, August was revised downward to 133,000 from 162,000, and July was revised even further into negative territory, with a loss of 10,000 jobs.
Markets interpreted this as a clear sign that “the economy is cooling, so the Fed probably won’t raise rates.” The odds of a rate hike on October 28 fell from more than 70% earlier in the week to around 18–25%. Bitcoin reacted quickly and, briefly, pushed above $87,000 right after the release—near a new multi-month high—before resistance capped it.
Then came the reversal: BTC gave back much of those gains and settled closer to $85,300. Right now, it trades around $85,400, after a daily range of $84,068 to $87,086. Gold also jumped by more than 1% on the same news.
It’s worth noting that a move that unwinds on the same day it happens doesn’t tell you much about what’s coming over the week. The real question now is what the Fed actually does on October 28.
$BTC #NFP #Macro
Friday’s jobs report came in well below expectations. The U.S. economy added only 29,000 jobs in September, versus a forecast of 90,000. Unemployment rose to 4.2% from 4.1%. In addition, August was revised downward to 133,000 from 162,000, and July was revised even further into negative territory, with a loss of 10,000 jobs.
Markets interpreted this as a clear sign that “the economy is cooling, so the Fed probably won’t raise rates.” The odds of a rate hike on October 28 fell from more than 70% earlier in the week to around 18–25%. Bitcoin reacted quickly and, briefly, pushed above $87,000 right after the release—near a new multi-month high—before resistance capped it.
Then came the reversal: BTC gave back much of those gains and settled closer to $85,300. Right now, it trades around $85,400, after a daily range of $84,068 to $87,086. Gold also jumped by more than 1% on the same news.
It’s worth noting that a move that unwinds on the same day it happens doesn’t tell you much about what’s coming over the week. The real question now is what the Fed actually does on October 28.
$BTC #NFP #Macro
