Bitcoin price started moving upwards amid higher price expectations, with analysts predicting a move above $114K.
The US Jobs data came in significantly lower than expected at 22K, and the unemployment rate rose to 4.3%, in line with the market expectations, but above 4.2% in the earlier month.
Bitcoin, Ethereum, XRP, and other altcoins saw a further rebound in prices as the U.S. Federal Reserve will resume its rate cuts in September. Analysts expect the BTC price to climb above $114K.
The U.S. Bureau of Labor Statistics released the much-awaited August Nonfarm payrolls and the unemployment rate. The latest weak US jobs data complemented the recent weak employment reports that showed a cooling labor market in the United States.
The key Nonfarm payrolls dropped to 22K, significantly lower than the 75K expected. Tariffs, trade, and immigration policies likely impacted hiring by employers.
According to the report, economists expected the need for adding 50K-75K jobs monthly to keep pace with working-age population growth.
The unemployment rate rises to 4.3%, the highest level seen since 2021. The unemployment rate grew consecutively for two months above expectations, after rising to 4.2% in July.
The weak US jobs data confirmed a cooling labor market in the United States, with the Fed to resume rate cuts in September.
As The Coin Republic reported, the US JOLTS Job Openings data came in lower than expected at 7.181 million. Moreover, the ADP Nonfarm Employment Change and the Jobless Claims jobs data
The CME FedWatch Tool showed odds of 3 Fed rate cuts this year after the latest US jobs data. Moreover, the probability of a 25 bps Fed rate cut in September increased more than 99% at the time of writing.
The US Dollar Index dropped further below 97.75, and the 10-Year Treasury yield fell to 4.01%, easing traders’ concern over the health of the US economy amid rising federal debt.
Also, the 2-Year Treasury yield fell to 3.55%, the lowest since April. Traders turned more bullish, with the gold price surpassing $3,580.
Notably, interest-rate futures price about a 10% chance of a 50 bps Fed rate cut in September. This jumped from zero before the latest jobs data.
Following the US Jobs data release, BTC price was trading more than 2% higher at $112,350 in the past 24 hours. The price jumped from a 24-hour low of $109,347 to hit a 24-hour high of $112,995.
Furthermore, the trading volume has decreased by 13% in the last 24 hours, indicating a decline in interest among traders amid uncertainty.
CoinGlass data showed buying in the derivatives market. The 24-hour total BTC futures open interest jumped more than 2% to increase above $81.43 billion.
Whereas, the 4-hour BTC futures OI on CME and Binance climbed 0.37% and 0.5%, respectively. The market continued to witness massive volatility.
Popular analyst Rekt Capital revealed that Bitcoin price has technically fully confirmed its breakout. In the daily timeframe, a close above the $113K would confirm additional trend continuation to the upside.
Crypto analyst Ali Martinez highlights MVRV Pricing Bands, which indicate that as long as Bitcoin stays below $114,250, the key support stays at $92,600.
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