{"id":18270,"date":"2024-11-01T19:24:35","date_gmt":"2024-11-01T17:24:35","guid":{"rendered":"https:\/\/forklog.com\/en\/us-employment-data-boosts-bitcoin-to-71000\/"},"modified":"2024-11-01T19:24:35","modified_gmt":"2024-11-01T17:24:35","slug":"us-employment-data-boosts-bitcoin-to-71000","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/us-employment-data-boosts-bitcoin-to-71000\/","title":{"rendered":"US Employment Data Boosts Bitcoin to $71,000"},"content":{"rendered":"<p>By the evening of November 1, the leading cryptocurrency rebounded from lows near $69,000 to $71,100, marking a 3% increase. The primary price surge occurred following the release of US employment data.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXcXa63g0rngYzBxjtFyGp4dq4H9LODpl49NhPq75XzmLCo3SBchnPiiBdmhmee5T8j6ZBK4P290RbL5bCgNn72hOkTZoMyruEew4Qun-gp7ScdjUxbCOV5iDEnXwfvlPky1-HWjNObxtUqsOB5ytA7TXq8?key=Ks5p25louV_rleUac2zZOA\" alt=\"US Employment Data Boosts Bitcoin to $71,000\"\/><figcaption class=\"wp-element-caption\">15-minute BTC\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>.\u00a0<\/figcaption><\/figure>\n<p>At the time of writing, Bitcoin&#8217;s price had adjusted back to $70,000.<\/p>\n<p>October&#8217;s non-farm employment figures were significantly below expectations: the economy added only 12,000 jobs compared to the anticipated 106,000.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: The US economy adds 12,000 jobs in October, BELOW expectations of 106,000.<\/p>\n<p>The unemployment rate was 4.1%, in-line with expectations of 4.1%.<\/p>\n<p>This marks the lowest number of US jobs added since July 2021.<\/p>\n<p>All signs continue to point toward a weaker labor market.<\/p>\n<p>\u2014 The Kobeissi Letter (@KobeissiLetter) <a href=\"https:\/\/twitter.com\/KobeissiLetter\/status\/1852327486861746605?ref_src=twsrc%5Etfw\">November 1, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;This is the lowest number of jobs added in the US since July 2021. All signs continue to point toward a weakening labor market,&#8221; wrote the economic resource The Kobeissi Letter.<\/p>\n<\/blockquote>\n<p>The unemployment rate, on the other hand, matched the target figure of 4.1%.<\/p>\n<p>Journalists expect that at the meeting on November 7, the <span data-descr=\"Federal Reserve System of the United States\" class=\"old_tooltip\">Fed<\/span> will reduce the base interest rate by 25 basis points. This assumption is supported by data from the <a href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\">FedWatch Tool<\/a>.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXdTRVSGLB-pUiK78FjE4Pr6Kg4dyZeZtMhXY1C8ZJLLpSXhYb5IQCmxgtSlj4sciYsMMIlfpAnH5uDJ0babVrjTSd9Z-GcSjekJCqKgR_gRPDL1TP_N095jlurdDt8MNkCUORhYRw7-U6sCiQkryxOgtzuU?key=Ks5p25louV_rleUac2zZOA\" alt=\"US Employment Data Boosts Bitcoin to $71,000\"\/><figcaption class=\"wp-element-caption\">Data: CME Group.\u00a0<\/figcaption><\/figure>\n<p>Following the employment data release, the US Dollar Index (DXY) exhibited strong volatility, dropping to $103.6 before recovering to $104.1.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXe7pJX4KQGot6qq2BMJeZ8J_j27TgqcspWIJFAXGzsFwcCz-cVzIWSHRjRTDVuEvUrJH-ZnIrpSbNaGgcMgfObuQh7BW9i49Lbjcfjrrv-62v1uMIicOBNbyL56EvWEYXb4tTnz9e-wjDVSXokzbtGYMPKy?key=Ks5p25louV_rleUac2zZOA\" alt=\"US Employment Data Boosts Bitcoin to $71,000\"\/><figcaption class=\"wp-element-caption\">15-minute DXY chart. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/TVC-DXY\/\">TradingView<\/a>.\u00a0<\/figcaption><\/figure>\n<p>MN Trading founder Micha\u00ebl van de Poppe is convinced that &#8220;a reversal is imminent as labor markets weaken.&#8221;\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">There we go! <\/p>\n<p>This week:<br \/>\u2014 Job Openings: The worst in 42 months.<br \/>\u2014 GDP: Lower than expected.<br \/>\u2014 Non-Farm Employment Change: Worst since January 2021.<\/p>\n<p>The reversal is around the corner as labor markets are getting softer.<\/p>\n<p>Next week: FED Meeting &#038; Trump. <a href=\"https:\/\/t.co\/R59zevKDPI\">pic.twitter.com\/R59zevKDPI<\/a><\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1852327853821464893?ref_src=twsrc%5Etfw\">November 1, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Trader Skew emphasized the importance of today&#8217;s daily candle close. According to him, in an ideal scenario, a support level around $69,000 will form on the chart.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> 1D<br \/>Nice HH into very significant HTF resistance ($73K)<\/p>\n<p>Ideally the market is setting the next 1D HL here with sustaining market demand around $69K<\/p>\n<p>Another important 1D close later today, as well the November open is important for trend <a href=\"https:\/\/t.co\/zByE4PKJ6o\">https:\/\/t.co\/zByE4PKJ6o<\/a> <a href=\"https:\/\/t.co\/xKNW2FIpkg\">pic.twitter.com\/xKNW2FIpkg<\/a><\/p>\n<p>\u2014 Skew \u0394 (@52kskew) <a href=\"https:\/\/twitter.com\/52kskew\/status\/1852339982377353244?ref_src=twsrc%5Etfw\">November 1, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The close of the October candle erased four months of downward price action in one stroke. Extremely optimistic. The [<a href=\"https:\/\/academy.binance.com\/ru\/articles\/ichimoku-clouds-explained\">Ichimoku<\/a>] cloud also shows bullish signs,&#8221; <a href=\"https:\/\/x.com\/Washigorira\/status\/1852308685323698596\">wrote<\/a> trader Titan of Crypto.<\/p>\n<\/blockquote>\n<p>Market participants in Bitcoin options have prepared for a &#8220;bullish&#8221; scenario following the US presidential election and the Fed meeting, increasing open interest in November calls with strike prices above $80,000.<\/p>\n<p>A potential victory for Donald Trump could further strengthen the upward momentum of the leading cryptocurrency, analysts at JPMorgan noted.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By the evening of November 1, the leading cryptocurrency rebounded from lows near $69,000 to $71,100, marking a 3% increase. The primary price surge occurred following the release of US employment data. 15-minute BTC\/USDT chart on Binance. Data: TradingView.\u00a0 At the time of writing, Bitcoin&#8217;s price had adjusted back to $70,000. October&#8217;s non-farm employment figures [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1224,1145],"class_list":["post-18270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-macroeconomics","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18270","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=18270"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18270\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/18269"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=18270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=18270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=18270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}