Bitcoin (BTC) rebounded from lows below $69,000 on Nov. 1 as U.S. jobs data sparked volatility in the U.S. dollar, Cointelegraph reported.
The data showed that nonfarm payrolls increased by only 12,000 in October, far below the expected 106,000. The data for September and August were also revised down by 31,000 and 81,000, respectively.
The unemployment rate was in line with expectations at 4.1%. Kobeissi Letter expects the Fed to cut interest rates by 0.25% at its November 7 meeting.
The U.S. dollar index (DXY) fell to 103.6 after the data, before recovering. Analyst Michaël van de Poppe predicts easing economic conditions and a softening labor market.
Bitcoin price struggled to recover losses at the monthly close of October, with BTC/USD up about 1.6% on the day, breaking above $71,000 and liquidating shorts.
Trader Skew sees demand around $69,000, another important 1-day close and November open that are important for the trend. Trader Titan of Crypto points to $71,300 as an important support level.
