#BTC $BTC

Bitcoin is grappling with heavy resistance at the $28,000 level, where two key moving averages have capped rallies this week.

Crypto markets rebounded after blowout U.S. employment data, led by AVAX and SOL.

BTC eschewed its correlation with long-duration bonds and equities, bringing back its "digital gold" narrative, one analyst said.

Bitcoin (BTC) is once again flirting with key resistance at $28,000 on Friday as crypto and traditional markets rebounded from early losses caused by stronger-than-expected U.S. employment data.

The largest cryptocurrency by market capitalization slid nearly 2% to below $27,300 on news that the U.S. economy added 336,000 jobs in September, almost doubling economist expectations. The losses were short-lived, however, with bitcoin quickly rebounding to just above $28,000.

The price stood just below that level at press time, up 1.5% over the past 24 hours and slightly underperforming the broader crypto market proxy CoinDesk Market Index’s (CMI) 1.6% advance.

Alongside, U.S. stocks recovered from sharp early losses, with the Nasdaq sporting a 1.75% advance shortly before the close of Friday trade.

Ether (ETH) halted its losing streak against BTC, outperforming the market and bouncing nearly 2%. The second largest crypto asset was changing hands at $1,650 during afternoon hours.

Layer 1 network Avalanche’s AVAX and Solana’s SOL led the market rebound among major altcoins, gaining 6% and 3.8%, respectively.

He explained that when the Federal Reserve jacked up interest rates last year, the value of long-duration bonds tanked, putting pressure on risk assets like bitcoin. As the pace of rate hikes slowed and speculation began about a Fed pivot earlier this year, long-duration bonds and BTC rallied