๐จ $BTC #NFPWatch โ The US Jobs Report Came in Much Weaker Than Expected! ๐บ๐ธ๐
The jobs report on Friday clearly missed expectations. The U.S. economy added only 29,000 jobs in September, versus 90,000 expected.
๐ The unemployment rate rose to 4.2% from 4.1% previously.
August data was also revised downward from 162,000 to 133,000 jobs, while July data was revised into negative territory, with a loss of around 10,000 jobs.
๐ How did the markets read these numbers?
Markets saw the figures as a sign that the U.S. economy started to cool, which could reduce the likelihood of the Federal Reserve raising interest rates.
The probability of a rate hike at the October 28 meeting fell from more than 70% earlier in the week to around 18โ25%.
๐ Bitcoinโs reaction was swift:
After the data was released, $BTC briefly rose above 87,000$, approaching its highest levels in several months, before hitting strong resistance.
But the surprise came later, as BTC pulled back and gave back a large portion of its gains, stabilizing near 85,300$.
๐ Todayโs trading range:
๐น Low: 84,068$
๐น High: 87,086$
๐น Current price: around 85,400$
๐ก Gold also rose by more than 1% following the data release.
โ ๏ธ Itโs important to note that the intraday reversal doesnโt necessarily give us a clear picture of the trend?
#BTC #NFP #NFPWatc #Bitcoin
The jobs report on Friday clearly missed expectations. The U.S. economy added only 29,000 jobs in September, versus 90,000 expected.
๐ The unemployment rate rose to 4.2% from 4.1% previously.
August data was also revised downward from 162,000 to 133,000 jobs, while July data was revised into negative territory, with a loss of around 10,000 jobs.
๐ How did the markets read these numbers?
Markets saw the figures as a sign that the U.S. economy started to cool, which could reduce the likelihood of the Federal Reserve raising interest rates.
The probability of a rate hike at the October 28 meeting fell from more than 70% earlier in the week to around 18โ25%.
๐ Bitcoinโs reaction was swift:
After the data was released, $BTC briefly rose above 87,000$, approaching its highest levels in several months, before hitting strong resistance.
But the surprise came later, as BTC pulled back and gave back a large portion of its gains, stabilizing near 85,300$.
๐ Todayโs trading range:
๐น Low: 84,068$
๐น High: 87,086$
๐น Current price: around 85,400$
๐ก Gold also rose by more than 1% following the data release.
โ ๏ธ Itโs important to note that the intraday reversal doesnโt necessarily give us a clear picture of the trend?
#BTC #NFP #NFPWatc #Bitcoin