Bitcoin (BTC) Back to $62,000 on Strong US Payroll Data
The U.S. Bureau of Labor Statistics comes with a "super-bullish" employment report ahead of the U.S. election: business added a stunning 250,000 jobs in September. However, even this surprisingly positive report failed to trigger a Bitcoin (BTC) upsurge.
U.S. adding whopping 250,000 jobs, Bitcoin (BTC) fails to spike
In September 2024, U.S. unemployment rates dropped to 4.1% from 4.2% in August, today's report says. American businesses managed to add 250,000 jobs, which is also higher than during previous months. This report is a major positive macro trigger for U.S.-related indexes.
In August, employers posted 159,000 new jobs, while in July, they added 144,000 positions. September's robust report says that U.S. economy handled the aftermath of a devastating Hurricane Helene.
Bitcoin (BTC), the largest cryptocurrency, failed to properly react to such an impressive report. Right after its release, the BTC price jumped from $61,292 to $62,000 but lost steam fast.
As of now, Bitcoin (BTC) has dipped to $61,000 and is almost ready to slip below yesterday's level. Ethereum (ETH), the second-largest cryptocurrency, lost 1.3% in the previous hour.
The S&P 500 added 0.17% at market opening, while the NASDAQ 100 is up by 0.47%, both impressed by extremely optimistic payroll data.
Short-term rally on horizon for BTC?
In the meantime, cryptocurrency markets are struggling to get out of prolonged recession caused by global macro uncertainty. The net capitalization of crypto markets added 2.1% today.
Bitcoin (BTC), the largest cryptocurrency, is treated positively by analysts in the short term. As covered by U.Today previously, the Coinbase Premium ratio formed a bullish "golden cross" on short time frames.
Vladislav SopovCryptoQuant analysts interpreted this trend as a signal of strength of U.S. investors and, therefore, an upside for Bitcoin's (BTC) price.
Yuri Molchan
Gamza Khanzadaev
Dan Burgin