The BTC rate returned above $60,000 following favorable data on the US labor market. As predicted, there was an increase in volatility based on the data.
Data on the labor market show its weakness. A little stronger than forecast, but not too much so as not to talk about the threat of recession:
- Average hourly wage (compared to the same period last year) - 3.9% with a forecast of 4.0% and the previous figure of 4.1%.
- Change in the number of people employed in the non-agricultural sector (April) - 175 thousand, with a forecast of 238 thousand and the previous figure of 315 thousand. A significant decrease!
- Unemployment rate (April) - 3.9%, with a forecast of 3.8% and the previous figure of 3.8%.
All these data should have a good impact on the fight against inflation in the States. This means the US Federal Reserve will like them. This means that the chances of a reduction in interest rates in 2024 have become higher. Based on these data, the prices of BTC, gold, and the S&P 500 index went up. US dollar index DXY is still being adjusted.
Positive, although for#BTCand many altcoins the corrective structure on the four-hour time frame has not yet been broken and you need to wait for the current candle to close, that’s another three hours. Because there may be a local bull trap and a local correction.
But again, as long as the price maintains the volume level of $57,709 or at least the reversal candle on May 1 of $56,565, continued growth within the framework of this yesterday’s review is a priority.
Important resistance now is $61,231. EMA 50 of the four-hour TF is currently taking place there.
