Revealed today, the US Non-Agricultural Employment and Unemployment Data have been released, causing Bitcoin to strive to bounce back from significant drops, getting closer to $60,000. Bitcoin is currently valued at around $59,000, with some experts cautioning investors about the possibility of further declines. Factors like the decrease in spot Bitcoin ETFs and the reduced chance of a FED interest rate cut have played a role in this decline, as many await the economic data from the US.

Bitcoin reacts to the US employment data, showing signs of recovery amid economic turbulence.

Reaction of Bitcoin to the Data Announcement

These data, released every first Friday of the month, are closely watched by investors and interested parties to better understand the state of the economy. Here are the latest figures announced:

Non-Agricultural Employment Data: Reported 175k – Expected 238k – Previous 303k

Unemployment Data: Reported %3.9 – Expected %3.8 – Previous %3.8

Impact of Non-Agricultural Employment and Unemployment Data on Prices

The data exceeding the expected figures is seen as a sign of economic recovery in the country, positively affecting the currency. Changes in the labor market carry significant weight on the FED's monetary policy. The FED, believing that the labor market needs to calm down along with falling inflation, closely tracks employment data.

In case the data surpasses expectations, DXY (dollar index) could rise, leading to a slight Bitcoin retreat. Should it fall below expectations, DXY might experience a setback. A rise in the unemployment rate could trigger a significant decrease in DXY, which would benefit Bitcoin.

Regardless of the outcome, volatility is anticipated to be high right after the data announcement. This does not constitute investment advice.

In Summary

Bitcoin's response to the US employment data displays the cryptocurrency's sensitivity to global economic shifts. As the market remains vigilant of these updates, investors should be prepared for possible fluctuations. While the current recovery is promising, analysts urge caution and alertness to any potential future declines, emphasizing prudent market observation.