On October 6, at the Wall Street open, Bitcoin (BTC) witnessed a pullback to $27,000. As US employment data shook the markets, BTC, the largest cryptocurrency, lost 2.1% in the hourly candle.
The subsequent recovery saw bulls claw back losses and the $27,700 level resurface. US nonfarm payrolls data reached 336,000 in September, almost double expectations.
Despite the US Federal Reserve’s (Fed) decision to hike interest rates, the labor market remains resilient. The September results were seen as negative for risk assets, including crypto.
Many believe that the probability of a Fed rate hike in November has increased. According to CME Group’s FedWatch Tools, there is a 25% probability of another rate hike on November 1.
The Consumer Price Index (CPI), which will be released on Thursday next week, will be a key inflation indicator for the Fed’s policy.
When looking specifically at Bitcoin, it is seen that spot and derivatives traders have made an exit along with the NFP data. Although the possibility of a rate hike in November is still low, it is necessary to see the Fed's tone and stance first in order to evaluate the Fed's attitude and probability.
On the other hand, analyst Daan Crypto Trades stated that there was a decrease in Bitcoin open interest (OI). Previously, there were up and down fluctuations at these levels. According to the analyst, "Another $600 million has been lost since yesterday's peak and has returned to 'average' and 'healthy' levels."#Bitcoin#Cryptocurrency#Fed#RateHike #USEmploymentData
The subsequent recovery saw bulls claw back losses and the $27,700 level resurface. US nonfarm payrolls data reached 336,000 in September, almost double expectations.
Despite the US Federal Reserve’s (Fed) decision to hike interest rates, the labor market remains resilient. The September results were seen as negative for risk assets, including crypto.
Many believe that the probability of a Fed rate hike in November has increased. According to CME Group’s FedWatch Tools, there is a 25% probability of another rate hike on November 1.
The Consumer Price Index (CPI), which will be released on Thursday next week, will be a key inflation indicator for the Fed’s policy.
When looking specifically at Bitcoin, it is seen that spot and derivatives traders have made an exit along with the NFP data. Although the possibility of a rate hike in November is still low, it is necessary to see the Fed's tone and stance first in order to evaluate the Fed's attitude and probability.
On the other hand, analyst Daan Crypto Trades stated that there was a decrease in Bitcoin open interest (OI). Previously, there were up and down fluctuations at these levels. According to the analyst, "Another $600 million has been lost since yesterday's peak and has returned to 'average' and 'healthy' levels."#Bitcoin#Cryptocurrency#Fed#RateHike #USEmploymentData