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US Job Data Triggers Unexpected Bitcoin Price Reaction
The U.S. jobs data from the Bureau of Labor Statistics is out for January, and the figures positively impact Bitcoin (BTC). The data show that NonFarm Payrolls (NFP) recorded a surge of 143,000 in January.
Jobs data sparks rate cut speculation
For clarity, NFP is a monthly statistic that measures the number of jobs created in the U.S. economy. This data excludes farm workers, private household employees and nonprofit employees. It is a crucial indicator of how the labor market and the U.S. economy are faring.
January data also showed that the unemployment rate dropped slightly from 4.1% to 4%. The job gains were recorded in healthcare, social assistance and retail trade, while mining, oil and gas extraction jobs registered a decline.
These metrics have triggered positive sentiments for the world’s leading digital asset. Notably, the jobs data signals the possibility of a rate cut.
The figures might compel the Federal Reserve to lower rates. Analysts, however, do not anticipate this will happen soon. Many remain skeptical of the possibility of a rate cut in the first quarter of the year. This is as the market looks forward to only two rate cuts in 2025.
Bitcoin surges amid renewed investor confidence
Nonetheless, the current data paints a bullish outlook for Bitcoin as investors could embrace storing funds in the digital asset.
Interestingly, after the data release, Bitcoin has rebounded and soared past the $100,000 resistance level.
As of this writing, BTC is changing hands at $100,153.92, a 1.88% increase in the last 24 hours. The coin has climbed from a low of $95,707.35 to retest the critical $100,000 mark. This was after experiencing massive fluctuations on its upward journey.
Meanwhile, investors' interests have continued to rise with Bitcoin’s price upsurge. Trading volume soared by a significant 11.83% to $51.56 billion within the same time frame.
Market observers are keen to see if the sentiments triggered by the U.S. Bureau of Labor Statistics data can sustain the bullish momentum. This will likely start the rally to the $500,000 price mark.