[U.S. non-farm employment data released! What was the first reaction to Bitcoin (BTC)? 】
Bitcoin price continues to fall and is now down to $56,000. Analysts believe that the downward trend may continue, and the market focus is on U.S. economic data, which will affect the trend of Bitcoin and other cryptocurrencies.
Nonfarm payrolls and unemployment data released on the first Friday of every month are closely watched by investors. The latest data showed non-farm payrolls at 142,000, below expectations for 164,000 but up from 114,000 previously, while the unemployment rate was 4.2%, in line with expectations and down from 4.3%.
Typically, higher-than-expected non-farm payrolls data is seen as a signal of economic recovery, which could prompt a stronger dollar and put pressure on assets such as Bitcoin. On the contrary, if the data is lower than expected, the US dollar index may fall back, which will be positive for Bitcoin.
The Federal Reserve pays close attention to changes in the labor market because they will affect its monetary policy. If unemployment rises, the U.S. dollar index could fall back, which would be positive for Bitcoin. Regardless of the outcome of the data, market volatility will be very high following the release.
