Bitcoin (BTC) rebounded from below $69,000 on Nov. 1 as unexpected U.S. jobs data introduced volatility to the U.S. dollar.
Data from Cointelegraph Markets Pro and TradingView showed BTC’s price recovery after October’s nonfarm payroll report. The report revealed a much lower-than-expected addition of 12,000 jobs versus an anticipated 106,000. Revisions for September and August were also significantly reduced by 31,000 and 81,000 jobs, respectively, while the unemployment rate met expectations at 4.1%.
“This marks the lowest number of U.S. jobs added since July 2021. All signs continue to point toward a weaker labor market,” commented The Kobeissi Letter on X. Kobeissi also anticipated a potential 0.25% rate cut by the Federal Reserve at its Nov. 7 meeting, a sentiment supported by CME Group’s FedWatch Tool.
The U.S. Dollar Index (DXY) reacted with a drop to 103.6 following the report before recovering slightly. “There we go!” crypto trader and analyst Michaël van de Poppe remarked on X, noting that this was the worst NFP result since January 2021. Observing a softening labor market, van de Poppe predicted that “the reversal is around the corner.”
Bitcoin showed an “extremely bullish” performance following a volatile October monthly close, bouncing back from previous lows. At the time of writing, BTC/USD was up around 1.6% for the day, surpassing $71,000 and resulting in short liquidations.
The rebound has generated renewed optimism among crypto traders, with Bitcoin’s price movement showing resilience amid shifting economic data.
