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Bitcoin Falls Below $111,000 Despite Missed NonfarmPayrolls

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Solo Bitcoin Miner Wins $350K Block With 2.3 PH Setup
Solo Bitcoin Miner Wins $350K Block With 2.3 PH Setup

Important points

  • Bitcoin disappointed with the volatile US employment data. This resulted in a plunge below $111,000

  • BTC prices give up their gains as gold hits yet another record high.

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

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

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

Gold breaks record in US labour market “rapidly deteriorating”

The Data of Cointelegraph Markets Pro The following are some examples of how to get started: TradingView Showed BTC/USD hitting new September highs at $113.400 before crashing by nearly $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.

As a result of this, the US dollar lost strength and gold reached new highs.

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

Market participants reacted by agreeing that the Federal Reserve was the key event to create a tailwind for risk assets. cutting interest rates At its meeting on September 17,

CME Group Data FedWatch Tool The likelihood of this outcome was highlighted.

“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’s target rates for September FOMC (screenshot) Source: CME Group

Kobeissi pointed out that job numbers from previous months have also been revised downward.

“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

BTC’s price has not reacted well to the NFP print, despite its positive implications for 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 flipped to support. Daan Crypto Trades is a well-known trader who highlighted moving averages with 200 period simple (SMA) or exponential (EMA).

“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,” Part of a X Post explained

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 The day of the event

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.