Originally published on: November 01, 2024
Bitcoin traders are closely monitoring key levels as the cryptocurrency surged past $71,000 following a shock in United States job data that caused volatility in the dollar. The unexpected low job growth of just 12,000 compared to the anticipated 106,000, along with downward revisions for September and August, has pointed to a weaker labor market trend.
Experts predict that the Federal Reserve may cut interest rates by 0.25% in response to the disappointing job data. This news has also impacted the US Dollar Index, causing it to drop before a slight recovery. Analysts like Michaël van de Poppe believe this could signal a reversal in economic conditions as labor markets soften.
In the midst of this, Bitcoin has been making efforts to recover from recent losses, surpassing the $71,000 mark and triggering short liquidations. Traders are now focusing on establishing key support levels, with $71,300 being identified as a crucial point to watch.
Analysts and traders are closely monitoring Bitcoin’s movement, with technical analysis indicating potential bullish momentum ahead. However, readers are reminded that all investment decisions carry risks and should be based on thorough research and analysis.
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