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Bitcoin Drops Below $111,000 Even Though Nonfarm Payrolls Are Missing

Bitcoin By
Bitcoin Eyes New ATH Before July 9 US Trade Tariff
Bitcoin Eyes New ATH Before July 9 US Trade Tariff

Important points

  • Bitcoin is disappointed by the volatility surrounding US job data. The result was a drop below $111,000

  • BTC prices give up their gains as gold continues its upward trend.

  • Investors continue to anticipate a $100,000 retest of the support.

BitcoinBTCAs US job data failed to meet expectations, the Wall Street Open on Friday was extremely volatile.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Gold surpasses US employment records “rapidly deteriorating”

Data from Cointelegraph Markets Pro You can also find out more about the following: TradingView Showed BTC/USD hitting new September highs at $113.400 before falling almost $3,000 an hour.

The August print of US nonfarm payrolls (NFP) confirmed that the economy added 22,000 jobs — far fewer than the anticipated 75,000.

In response, the US Dollar’s value plummeted while Gold reached all-time records.

XAU/USD four-hour chart. Source: Cointelegraph/TradingView

Participants in the market agreed, as they reacted to the news, that a major event was about to occur: The Federal Reserve. cutting interest rates At its meeting on September 17,

CME Group data FedWatch Tool It is important to note that such a result could occur.

“This marks the 2nd lowest jobs report number since July 2021,” The Kobeissi Letter, written as part of an article on trading resources thread on X. 

“The labor market is rapidly deteriorating.”

Fed Target Rate Probabilities for the September FOMC Meeting (screenshot). Source: CME Group

Kobeissi also noted that previous month’s job numbers had been reduced.

“The labor market is far worse than you think: Not only was June’s jobs number negative, but the US economy lost -357,000 full time jobs in August,” founder Adam Kobeissi added.

Bitcoin prices double on $100 dip

The BTC market showed a noticeably low reaction despite the NFP’s positive impact on Bitcoin.

Related: Bitcoin sets 2024-style bear trap ahead of ‘major short squeeze’: Trader

WhalePanda, a popular market commentator and participant in the discussion, was among those who took note.

Instead, traders looked at key resistances that need to be reverted back to support. Daan Crypto Trades is a well-known trader who highlighted moving averages with 200 period simple (SMA), exponential (EMA), and four hour timeframes.

“The 4H 200MA & EMA are generally seen as a good momentum indicator for the short to mid timeframe trend. These have both acted as resistance for the past few weeks and are now being tested again,” Explained: X-post part.

BTC/USDT four-hour chart. Source: Daan Crypto Trades/X

“This is a very crucial level to reclaim for more upside,” ZYN is a fellow trader agreed The pre-NFP pricing zone is a price area that includes “bulls will be fully back” Should $113,000 be returned as a return?

Ted Pillows reiterated that he expected a decline to $100,000.

“Also, if this level doesn’t hold, BTC could go around $92K-$94K CME gap level,” He warned On the Day

BTC/USDT one-day chart. Source: Ted Pillows/X

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.