Recent US employment data significantly impacted the cryptocurrency market, particularly Bitcoin, which faced sharp price fluctuations.
Bitcoin's Reaction to Job Data
Bitcoin (BTC) exhibited high volatility during Friday’s Wall Street open as US employment data fell far short of expectations. BTC/USD peaked at $113,400 but then swiftly dropped nearly $3,000 within an hour.
Gold Hits New Record
The employment data revealed only 22,000 jobs added in August, significantly below the forecast of 75,000. As a result, the US dollar weakened, and gold reached new all-time highs. The US economy shows signs of rapid deterioration, which may affect future actions by the Federal Reserve.
Bitcoin Price Outlook and Targets
Despite the positive implications of the employment data for Bitcoin, the market's reaction was lackluster. Traders, such as Daan Crypto Trades, pointed out key resistance levels that need to flip to support. If the $100,000 level fails to hold, drops to the $92,000–$94,000 range are anticipated.
The situation in the Bitcoin market remains uncertain, with traders closely monitoring key support and resistance levels for further market movements.
