Bitcoin ($BTC) struggled to collect $80,000 at Friday’s Wall Street open as strong U.S. jobs data added to headwinds.
Important points:
- Bitcoin is bouncing back and forth above $80,000 as US jobs numbers conceptually reduce the likelihood of a US interest rate cut.
- U.S. employment has far exceeded expectations, with nearly twice as many people hired in April as expected.
- Traders are looking at a retest of “healthy” support to avoid giving up on the local uptrend.
Bitcoin, whereabouts of $80,000 remains undetermined
Data from TradingView showed progress $BTC Buyers and sellers caused fluctuations around the key $80,000 mark, making the price volatile.
$BTC/USD 1 hour chart. Source: Cointelegraph/TradingView
U.S. nonfarm payrolls revealed the economy added far more jobs than expected in April, despite continued inflationary pressures from the Iran war.
The Bureau of Labor Statistics reported 115,000 jobs, far higher than the expected 65,000.
“The change in nonfarm payrolls for February was revised downward by 23,000 people, from -133,000 to -156,000, and the change in March was revised upward by 7,000 people, from +178,000 to +185,000.” news release said.
“These revisions mean that combined employment for February and March will be 16,000 fewer than previously reported.”
U.S. civilian unemployment rate. Source: BLS
The unemployment rate remained unchanged at 4.3%.
Bitcoin initially fell in response to this number. This is because the strong performance suggested there was less need for the Federal Reserve to ease monetary policy.
as Cointelegraph reportedthe Fed made clear in its latest meeting on interest rates that conditions favor tightening and that a rate cut is unlikely.
CME Group’s latest data fedwatch tool This reflects the market’s expectation that the next FOMC meeting on June 17th may raise interest rates.
Probability of the Fed’s target rate at the June 17th FOMC meeting (screenshot). Source: CME Group
$BTC Views price as a “healthy bullish backtest”
There was a sense of cautious optimism among traders, who accepted that the recent rally may not last long.
Related: Bitcoin Bollinger Bands hit key breakout as creators react to positive signals
“Retesting the highs from the previous consolidation,” summarizes Daan Crypto Trades as follows: Latest X analysis.
“It’s been a good bounce so far, but this is an important level for bulls to maintain.”
$BTC/USDT perpetual contract 12-hour chart. Source: Daan Crypto Trades/X
Trading account Cryptic Trades confirmed that Bitcoin is undergoing its retest bullish market support bandsthe area formed by two daily moving averages.
“For now, this looks like a healthy bullish backtest before moving higher.” I wrote On the day.
$BTC/USD 1 day chart. Source: Cryptic Trades/X
Previously, Cointelegraph is attracting attention Signs that local top leaders can play an active role $BTC/USD, “overbought” warning, especially in the Relative Strength Index indicator.
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