Sunday, June 16, 2024

Bitcoin price could swing if US NFP report for October exceeds expectations.

Bitcoin remained stable at $35,500 while traders awaited the release of the US NFP report for October. For market players, the Nonfarm Payrolls number is crucial since it has the power to dramatically affect traders’ expectations of whether the US central bank will continue to raise interest rates or even lower them.

Bitcoin traders brace for volatility ahead of US NFP data release

For market participants to predict the trajectory of Bitcoin’s price movement, the US NFP announcement is crucial. Recent macroeconomic events have caused volatility in Bitcoin (BTC); the US Federal Reserve’s decision to maintain interest rates unchanged helped fuel the price surge of BTC. Bitcoin remained stable at $35,500 on Binance.

The US Federal Reserve has consistently said that data is used to inform interest rate increases. This suggests that the decision to raise interest rates before the end of 2023 or to maintain them higher for an extended period of time may be influenced by the nonfarm payrolls data.

The US economy is expected to have added 180,000 nonfarm payrolls in October, according to market expectations. The September report showed 336,000 new jobs, almost twice as many as the market had predicted.

In the event that the October NFP release contains an upward shock, the price of bitcoin may retreat. Given that investor sentiment in October was mostly influenced by the prospect of a spot Bitcoin ETF clearance by the US Securities and Exchange Commission (SEC), traders should anticipate that BTC will rebound from the correction in the near future.

Bitcoin Price: What to Expect
If the jobs report comes in better than expected, the price of bitcoin is probably going to fluctuate downward. The 10-day Exponential Moving Average (EMA) around $34,028 is expected to be a support level for the price of bitcoin, as can be seen in the BTC/USDT price chart below. Bitcoin might rise over this point and continue to rise.

Once the price of Bitcoin starts to rise again, the commodity is anticipated to encounter resistance at the lower bound of the Fair Value Gap (FVG), which is located between $36,671 and $37,670.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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