$BTC Nonfarm payrolls are out, and the numbers were much hotter than expected
165,000 jobs added in October
The market was expecting just 65,000
Nearly three times as many—the whole market got caught off guard
September’s figure was also revised up from 29,000 to 60,000
Unemployment came in at 4.1%, even lower than the expected 4.2%
Hourly earnings rose 0.4% month over month, also hotter than expected
As soon as the report came out,
the odds of a 25-basis-point rate hike in December jumped from around 70% to roughly 77%
The 10-year U.S. Treasury yield surged to 4.894%
The dollar jumped too
As for BTC, it shot above 76,100 right after the data came out
It couldn’t hold there and slipped back to 75,500–75,800
The 75,000 level is still holding; it hasn’t broken
But no one dares say it’s safe
Honestly, this data isn’t good news for crypto
A too-hot labor market gives the Fed another reason to hike rates
CPI and PPI are due next week, and there’s another jobs report before the December meeting
Whether 75,000 holds depends on next week
I’ll keep an eye on 75,000 and 79,280
If the former breaks, I’m watching 73,163; we can talk about a recovery once the latter is reclaimed
Personal analysis, not investment advice
#NonfarmPayrolls
165,000 jobs added in October
The market was expecting just 65,000
Nearly three times as many—the whole market got caught off guard
September’s figure was also revised up from 29,000 to 60,000
Unemployment came in at 4.1%, even lower than the expected 4.2%
Hourly earnings rose 0.4% month over month, also hotter than expected
As soon as the report came out,
the odds of a 25-basis-point rate hike in December jumped from around 70% to roughly 77%
The 10-year U.S. Treasury yield surged to 4.894%
The dollar jumped too
As for BTC, it shot above 76,100 right after the data came out
It couldn’t hold there and slipped back to 75,500–75,800
The 75,000 level is still holding; it hasn’t broken
But no one dares say it’s safe
Honestly, this data isn’t good news for crypto
A too-hot labor market gives the Fed another reason to hike rates
CPI and PPI are due next week, and there’s another jobs report before the December meeting
Whether 75,000 holds depends on next week
I’ll keep an eye on 75,000 and 79,280
If the former breaks, I’m watching 73,163; we can talk about a recovery once the latter is reclaimed
Personal analysis, not investment advice
#NonfarmPayrolls
