Bitcoin traders watch key levels as US jobs shock sends BTC price over $71,000
Bitcoin (BTC) recovered from the $69,000 lows on November 1st. Shocking US jobs data sparks dollar volatility.
BTC/USD 1-Hour Chart. Source: TradingView
Bitcoin avoids losses amid US job shortages
Data from Cointelegraph Markets Pro and TradingView showed a BTC price correction setup after the October non-farm payrolls publication.
These came in dramatically below expectations, with the economy adding just 12,000 jobs against expectations of 106,000. Totals for September and August both improved significantly – by 31,000 and 81,000 respectively.
Unemployment, on the other hand, was seen at 4.1%.
“This represents the lowest number of US jobs added since July 2021. All signs continue to point to a weak labor market,” a trade source wrote in part in a response to the Kobeisi letter on X.
Kobeci added that the Federal Reserve is expected to cut interest rates by 0.25% at its next meeting on November 7 – a summary observed by CME Group's FedWatch Tool.
Fed target rate odds. Source: CME Group
The US Dollar Index (DXY) suffered on the data release, dropping to 103.6 before rebounding.
“There we go!” Crypto trader, analyst and entrepreneur Michael van de Pop continued his own coverage of X, noting that the NFP result was the worst since January 2021.
Referring to loose economic conditions, van de Pop predicted that “the turnaround is imminent as the labor market eases.”
US Dollar Index (DXY) 1-hour chart. Source: TradingView
The price of BTC offers a monthly close “extremely aggressive”.
Bitcoin itself, on the other hand, has tried to retrace its immediate losses at the close of the monthly candle in October.
Related: Bitcoin Speculators Send 4B to Exchanges as BTC Price Loses $70K
BTC/USD is up 1.6% on the day at the time of writing, passing $71,000 and shorting liquid in the process.
BTC liquid (screenshot). Source: CoinGlass
“At best, the market is placing the next 1D HL here, setting market demand around $69K,” wrote popular trader Skew on the latest X Cover High Low (HL) one-day timeframe.
“Another important 1D is late today, and the November open is important for the trend.”
BTC/USDT 1-day chart. Source: Skew/X
Titan of Crypto, a business partner, specifically earmarked $71,300 to support.
“The October candle has canceled a simultaneous four-month bearish price action. Very clever. The cloud also shows signs of bullishness,” he wrote in X post on his monthly chart with Ichimoku cloud analysis.
BTC/USDT 1-month chart with Ichimoku cloud data. Source: Titan of Crypto/X
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
