- In the aftermath of the Fed’s decision to hold interest rates, the bitcoin price remained above $35,500.
- According to official estimates, nonfarm payrolls increased by 180,000 in October, nearly double September’s figures.
- Bitcoin’s short-term outlook could be affected by the October NFP report’s upside or downside surprise.
While investors await the October US NFP report, bitcoin hovers around $35,500. In addition to influencing traders’ perceptions of whether the US central bank will keep interest rates high for longer or even increase them further, the Nonfarm Payrolls figure is key for market participants.
As the US NFP data is due to be released on Friday, bitcoin traders anticipate a volatile market
For market participants, the US NFP release determines Bitcoin’s price trend. BTC has experienced volatility in response to recent macroeconomic events; the US Federal Reserve’s decision to hold interest rates steady supported Bitcoin’s price rally. BTC held steady above the $35,500 level on Binance.
The US Central Bank has repeated time and time again that its interest rate hikes are driven by data. In other words, the Nonfarm Payrolls figure could be used to decide whether or not to keep interest rates higher for longer or raise them before 2023.
In October, the market anticipates 180,000 new nonfarm payrolls. There were 336,000 new jobs added in September, nearly twice what the market expected.
In the event of an upside shock in October’s NFP release, the bitcoin price might pullback. Investor sentiment throughout October was largely driven by the possibility of an SEC approval for a spot Bitcoin ETF, so traders can expect BTC to recover from the correction in the short term.
What’s next for the Bitcoin price?
If the jobs report exceeds expectations, bitcoin’s price may suffer downside volatility. In the BTC/USDT price chart below, we can see that Bitcoin prices may find support at the 10-day Exponential Moving Average (EMA) at $34,028, which is a strong resistance level. A bounce from this level could lead to BTC resuming its upward trend. For example, if the jobs report comes in better than expected, Bitcoin’s price may fall below the 10-day EMA and signal a bearish trend. Ultimately, investors should be mindful of the jobs report and its potential impact on Bitcoin’s price.
Upon the BTC price’s return to an upward trend, $36,671 to $37,670 is likely to act as a resistance for the asset.
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