Bitcoin Failing to Pass 69,000 Dollars in US Non-Farm Payrolls

BitcoinBTCAs the US jobs report came out well ahead of expectations, there was a sudden spike in volatility during Wednesday’s Wall Street Open.

The following are key points.

• Bitcoin tries to save the day’s losses thanks to stronger US nonfarm employment data.

• Risk assets react differently to numbers when they receive mixed signals.

• Bitcoin traders should be on guard for a further BTC drop.

Analysis: Fed Interest Rate Pause to “continue”

The Data of TradingView BTC spiked up to $69,000 but then quickly dropped back down, with daily losses exceeding 4%.

US nonfarm payrolls In January, the number of new jobs was 130,000, compared to the expected 55,000.

The strong numbers on the labor market can lead to less interest rate lowering, which is a typical headwind to cryptos and other risky assets. The reduced probability of recession also creates nuanced performance for risk assets.

As such, the S&P 500 initially gained 0.5%, while the Nasdaq Composite Index fell 0.6% before both retraced their moves.

The price of precious metals was also volatile, as gold reached new February highs and then gave back the gains.

In a response, the trading resource Kobeissi Letter cited a cooling of unemployment to predict that Federal Reserve rates would remain unchanged at their March meeting.

“The unemployment rate FELL to 4.3%, below expectations of 4.4%. This was a much stronger than expected jobs report, all around the board,” It is a good idea to get a hold of someone else. wrote Posting on X. 

“The Fed pause will continue.”

CME Group: Latest data FedWatch Tool Put the odds for a rate pause in March at more than 90%.

Now, the focus is on Friday’s Consumer Price Index print (CPI), which will give us more clues regarding inflation.

Trader eyes BTC price “slow bleed” toward $50,000

Commenting on the recent BTC market action, traders were not impressed and leaning towards further downside.

Related: BTC traders wait for $50K bottom: Five things to know in Bitcoin this week

Daan Crypto Trades set Fibonacci Retracement Levels at $64,569 ($62,474) and $59.805 to look for the potential of an even deeper retracement.

“Pretty weak showing overall after the initial bounce. Bulls failed to push higher past that $72K+ mark and instead saw price break down again,” He summarized. 

“Unless ~$68k is retaken, the fib retracement levels are the ones to watch in the short term.”

Earlier, Cointelegraph reported The risk that a rangebound situation could develop around $69,000 is now greater.

The $50,000 BTC bottom price targets were also persistent, and trader Jelle claimed that BTC/USD was following the bear market trajectory of 2022. “closely.”

“Would see a relatively slow bleed towards the low $50ks from here – before bouncing back up; if it keeps playing out the same,” He told X-Followers

“Lots of people talk about buying there. I wonder if they will if price gets there.”