Bitcoin price taps $29.3K as data shows ‘most resilient’ US jobs market

📆 5/8/2023 1:31 AM
📰 Cointelegraph

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Blink and you'll miss it — BTC offers traders a glimmer of volatility on U.S. macro data.

U.S. jobless figures came in below expectations on the day, at 3.5% versus an estimated 3.6%, while the number of jobs added was less than forecast.“Despite the fastest rising rates of all time, the labor market remains strong,” financial commentary resource The Kobeissi LetterWhile U.S. stocks and Bitcoin managed to eke out modest gains as a result, the U.S. dollar felt the pressure in what could still aid a more pronounced BTC price rebound.U.S. Dollar Index 1-day chart.

For Michaël van de Poppe, founder and CEO of trading firm Eight, there was reason to believe that BTC/USD could improve into the next round of macroeconomic data releases.

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Bitcoin, Ethereum Technical Analysis: BTC Consolidates Around $29,000 Ahead of Nonfarm Payrolls – Market Updates Bitcoin NewsBitcoin is trading near a support point of $29,000, ahead of today’s U.S. nonfarm payrolls (NFP) report. Ethereum was back in the red.
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