The price of Bitcoin has not undergone significant changes. The Bitcoin rate reacted weakly to data on the US labor market. Bitcoin's outlook remains moderately conservative.

Bitcoin's price may be at risk of a short-term reversal after its recent price surge to $28,100. Ethereum fell 1%. Other cryptocurrencies did not show major changes in price.

The general situation on the world market, its impact on the Bitcoin forecast

The US economy added 336,000 jobs in September, significantly more than Wall Street economists had expected. The unemployment rate remained at 3.8%. Economists forecast the U.S. would add 170,000 jobs last month and drop the unemployment rate to 3.7%.

While that's better for the economy, it's not quite the cooling in the labor market that Fed Chairman Jerome Powell is seeking to keep inflation under control.

US stocks fell after the report:

The Dow fell 100 points, or 0.3%.

The S&P 500 fell 0.5%.

The Nasdaq index fell 0.5%.

Investors are concerned that a surprisingly resilient labor market will give the Fed room to continue its campaign to raise rates to fight inflation without fear of sending the U.S. economy into recession. But rising rates eat into corporate profits, putting pressure on stock prices.

Meanwhile, US Treasury yields continue to rise as bond investors expect the Fed to hike rates, leading to a devaluation in bond prices. Yields rise when bond prices fall. The 10-year yield rose to 4.827%.

If job growth continues to rise but wage growth doesn't slow, that will be a problem for the Federal Reserve.

The leisure sector saw the largest job growth, adding 96,000 jobs last month.

That's well above the average monthly job gain of 61,000 the industry experienced over the past 12 months, according to the Bureau of Labor Statistics. Meanwhile, the information industry was the only one to see job losses last month. She lost 5,000 positions.

Most Americans believe President Joe Biden's policies have worsened economic conditions. Prices continue to rise faster than we would like. While annual price increases are not in the runaway mode that they were when inflation topped 9% last year, inflation is still running above 3%.

Mortgage rates are above 7% and at a 23-year high, food prices are rising at grocery stores and student loan payments are being resumed for millions of Americans.

What will the price of Bitcoin be in the short term?

While major players continue to show interest in BTC. Miners also joined them, increasing their reserves by 35% compared to September. As for the short-term dynamics of the Bitcoin price, it will most likely remain at the level of $27,000 - $28,000.

There is a chance of a breakout of the $28,000 level, but a decline in trading activity over the weekend may delay the moment of a successful breakout of the level. Thus, the Bitcoin forecast is as follows - the price of Bitcoin will be in the range from 26,900 to 28,300 in the near future.#Bitcoin