Originally published on: November 01, 2024
Bitcoin surged past $71,000 on November 1st, bouncing back from sub-$69,000 lows after the release of shocking United States jobs data caused dollar volatility.
The unexpected data revealed that the economy added just 12,000 jobs in October, falling significantly short of the expected 106,000. This news, coupled with revisions to September and August job numbers, pointed to a weakening labor market, according to trading resource The Kobeissi Letter.
As a result, many traders are anticipating a 0.25% interest rate cut by the Federal Reserve at its upcoming meeting on November 7th, a sentiment echoed by CME Group’s FedWatch Tool.
The US Dollar Index (DXY) reacted to the news by dropping before recovering, while Bitcoin saw a 1.6% increase, surpassing $71,000 and triggering short liquidations.
Technical analysts are eyeing key levels for Bitcoin, with popular trader Skew emphasizing the importance of sustaining market demand around $69,000 to establish a higher low. Meanwhile, trader Titan of Crypto highlighted $71,300 as a crucial level to watch for support.
October’s bullish price action for Bitcoin has traders optimistic, with Ichimoku cloud analysis on the one-month chart showing positive signs for continued upward momentum.
As always, it’s important for traders to conduct their own research and consider the risks involved in every investment decision. Stay informed and subscribe to the Markets Outlook newsletter for more critical insights and trading strategies delivered every Monday.
