The US jobs picture turned positive in September as 254,000 jobs were added, far exceeding economists' forecasts of 140,000. August's job gain was also revised up from 142,000 to 159,000.
The unemployment rate fell slightly to 4.1% from 4.2% in August, below the forecast of 4.2%. Immediately after the report was released, Bitcoin (BTC) fell slightly by 0.7% to $61,643.
Source: TradingView
“A strong US economy helps reduce uncertainty, especially with the upcoming election. This is positive for Bitcoin, removing one of the main risks that threatens the market,” said analyst James Van Straten.
Looking at other details in the report, average hourly earnings rose 0.4% in September, beating the 0.3% forecast but down from the previous month's 0.5%. On an annual basis, average hourly earnings are now up 4.0%, compared to estimates of 3.8% and August's 3.9%.
Recent economic data, including the ISM Services report and ADP employment data, have both come in better than expected. In addition, comments from Federal Reserve Chairman Jerome Powell have prompted traders to temper expectations for a 50 basis point rate cut at the upcoming policy meeting.
Before the data was released, the market was pricing in a 30% chance of a 50 basis point cut and a 70% chance of a 25 basis point cut. After the data was released, the odds of a 50 basis point cut fell to just 11%, according to CME FedWatch.
Bitcoin Could Recover From Recent Recession
Bitcoin is likely to recover from the recent downturn thanks to strong demand in the United States, data from CryptoQuant shows.
The leading cryptocurrency tested the $60,000 support level this week amid market concerns over the situation in the Middle East. However, actual demand remains strong, as shown by figures from Coinbase.
Coinbase Premium, which measures the price difference between the BTC/USD pair on the largest US exchange and Binance's equivalent BTC/USDT pair, shows stability in demand.
“We analyzed the Coinbase Premium Index on a 1-hour time frame to look at short-term momentum, using the 24-hour (daily) and 168-hour (weekly) moving averages to provide additional context,” CryptoQuant contributor Yonsei_dent shared. “Historically, when the daily moving average makes a golden cross by crossing above the weekly moving average with strong momentum, significant price movements have followed shortly after.”
Coinbase Premium chart. Source: CryptoQuant
The most recent “golden cross” scenario took place late last month, when Bitcoin recorded a price increase above $66,000.
“Although the price corrected from $66,000 to around $61,000 on October 1, steady demand from U.S. investors suggests renewed upward pressure. This demand, reflected in Coinbase Premium, could signal a short-term recovery in Bitcoin prices.”
Coinbase has seen more positive growth than Binance recently, which bodes well for BTC prices. Exchanges continue to see massive withdrawals as BTC/USD tests support, with the number reaching its highest level since the FTX crash in November 2022.
https://tapchibitcoin.io/gia-bitcoin-sap-phuc-hoi.html
