Conflicting data on the US labor market sent BTC to test the $70,780 level again. Technically, a local correction was imminent (the trend reversal indicator on the five-minute timeframe gave a signal half an hour before the correction) and news arrived in time for it.
The essence of the contradiction is revealed by the#Bloombergheadline - “US wage growth and unemployment rate are rising at the same time.”
Overall important numbers:
- Average hourly wage (compared to the same period last year) (y/y) (May) - 4.1% with a forecast of 3.9% and the previous figure of 4.0%.
- Change in the number of people employed in the non-agricultural sector (May) - 272 thousand, with a forecast of 182 thousand and the previous figure of 165 thousand.
- Unemployment rate (May) - 4.0%, with a forecast of 3.9% and the previous figure of 3.9%.
The unemployment rate in the US is the highest since January 2022. Which is generally positive for the cooling of the labor market and positive for risk asset markets (unemployment affects the US Federal Reserve's decision on the interest rate). BUT at the same time, the number of people employed in the non-agricultural sector is much higher than both the consensus forecast and the previous indicator.
Plus, the average salary is also higher than the consensus forecast and the previous indicator. And this is already an inflationary factor.
In general, the data for the markets is even rather negative.#DXYrose on them, risk asset markets flooded. BUT#BTCbuyers kept it at the nearest support. Which, again, should rather be interpreted as the strength and determination of bulls.
