Bitcoin price fluctuates as US jobs data misses targets

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Bitcoin’s price has been on a roller coaster, reacting to US jobs data, which has raised concerns about its near-term trajectory.

Although following a disappointing jobs report, Bitcoin saw a brief recovery, the pressure has remained.

Specifically, on September 5, Bitcoin’s price momentarily reached $57,000, buoyed by gains in US stocks and broader market optimism.

However, it soon fell back, reflecting ongoing volatility in the crypto market.

Recent data showed a notable miss in private-sector job growth, with only 99,000 new positions added compared to the 144,000 anticipated, marking the lowest gain since 2021 and prompting questions about the health of the labour market.

The lower-than-expected job numbers have fueled speculation that the Federal Reserve might implement a more significant interest rate cut in its upcoming meeting.

Market observers are now closely watching additional employment data due on September 6 to gauge the Fed’s next moves.

Despite this, Bitcoin traders are cautious. Keith Alan from Material Indicators suggests that Bitcoin might retest its August low of $49,500, which could act as a critical support level. This potential “double bottom” could serve as a necessary adjustment before any sustained upward movement.

Some analysts, like CrypNuevo, are optimistic about a possible bounce back above $60,000 if the upcoming job data is favourable. This would potentially stimulate more investment in risk assets, including cryptocurrencies.