As a seasoned crypto investor with over a decade of market experience under my belt, I’ve learned to navigate through the ebb and flow of the digital currency landscape like a proverbial duck navigating through water. The recent bounce back of Bitcoin from sub-$69,000 lows has once again reminded me that the crypto market is as unpredictable as a rollercoaster ride at an amusement park.
On November 1, the price of Bitcoin (BTC) rebounded from a dip near $69,000, as unexpected U.S. employment figures caused fluctuations in the U.S. dollar’s value.
Bitcoin pares losses amid US employment drawdowns
According to data from CryptoMoon Markets Pro and TradingView, it appears that the Bitcoin price started to recover following the release of the October nonfarm payrolls report.
As an analyst, I found myself quite surprised by the recent job market figures. The economy only managed to add 12,000 jobs this month, falling far short of the anticipated 106,000. Furthermore, the numbers for both September and August have been substantially revised downwards – a decrease of 31,000 and 81,000 respectively. This significant adjustment paints a less optimistic picture than previously thought.
Unemployment conversely came in on target at 4.1%.
According to The Kobeissi Letter’s analysis, this recent data shows the fewest new U.S. jobs added since last July. Furthermore, their assessment suggests that the workforce might be growing weaker.
As a researcher, I’ve expressed my anticipation that the Federal Reserve will lower interest rates by 0.25% in their meeting scheduled for November 7th. This prediction is in line with the summary provided by the CME Group’s FedWatch Tool as well.
The US Dollar Index (DXY) suffered on the data release, dropping to 103.6 before recovering.
“There we go!” crypto trader, analyst and entrepreneur Michaël van de Poppe continued in his own X coverage, noting that the NFP result was the worst since January 2021.
In relation to easing economic circumstances, Van de Poppe foresaw that a turnaround was imminent since the job market was becoming less firm.
BTC price offers “extremely bullish” monthly close
In response to the losses that occurred around the closing of the October monthly candle, Bitcoin took steps to recover its value.
At the moment of writing this, the price of BTC/USD had climbed approximately 1.6%, surpassing the $71,000 mark and triggering the liquidation of some short positions.
According to popular trader Skew, it appears that the market might establish its next one-day high at this level, maintaining strong interest around the $69,000 price point, as per his recent analysis of the asset’s coverage.
“Another important 1D close later today, as well the November open is important for trend.”
Fellow trader Titan of Crypto named $71,300 as a particularly important level to flip to support.
In a single move, the closing price for October eliminated a four-month-long trend of falling prices. This is very optimistic and suggests a strong upward momentum. Furthermore, the Ichimoku cloud analysis on his X post of the one-month chart indicates bullish tendencies.
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2024-11-01 18:48