Bitcoin (BTC) has made a remarkable recovery after dipping to $60,000 last week, currently trading at $61,972.5 with a 0.09% increase. Analysts at Kobeissi anticipate a 25bps rate cut by the US Federal Reserve in their November meeting, which is expected to boost market sentiment Âč. This prediction is supported by the latest BLS report, showing US employment increased by 254,000 in September, surpassing expectations by 107,000.
The unemployment rate also fell to 4.1%, slightly below August's estimate. With a 93% likelihood of a 25bps cut at the next FOMC meeting on November 7, analysts remain optimistic about financial markets, including crypto. Investors are leaning towards a "soft landing" as inflation trends down toward the Fed's 2% target while the economy remains stable . Following the job report, Bitcoin gained 2.53% to $62,000 on Friday, with analysts projecting strong Q4 performance if the Fed proceeds with the rate cut.
Historically, Bitcoin has shown significant growth even after negative quarters, and there are expectations for it to reach six figures soon. Currently, Bitcoin is up 7.65% over the past month. This upward trend is likely to continue, driven by the anticipated rate cut and the overall positive market sentiment.
Key Takeaways:
- Rate Cut Expectations: 25bps rate cut anticipated by analysts at Kobeissi
- Employment Growth: US employment increased by 254,000 in September
- Unemployment Rate: Fell to 4.1%, slightly below August's estimate
- Bitcoin Performance: Gained 2.53% to $62,000 on Friday, with a 7.65% increase over the past month
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