Bitcoin (B T c) $44,000 was tapped after the December 8 Wall Street open as United States employment data eased market bets on interest rate cuts.
Bitcoin remains strong as US dollar remains volatile due to jobs data
data from Cointelegraph Markets Pro And trading view The latest BTC price action was covered as risk assets reacted to the latest US inflation signals.
Non-farm payrolls rose to 199,000 versus 190,000 expected, while unemployment was lower than expected at 3.7% versus 3.9%, on a year-on-year basis. official release From the US Bureau of Labor Statistics.
Both suggested that the full impact of the Federal Reserve’s monetary tightening had yet to be seen, and while other data already showed declining inflation, the market treated the labor data nervously.
JUST IN: Interest rate futures have changed from showing a rate cut from March 2024 to May 2024 after the jobs report.
Ahead of the November jobs report, markets had seen a 60% chance of a rate cut in March 2024.
The probability of a rate cut starting in January 2024 fell to 6% from 16%… pic.twitter.com/hFYFLVP5xv
– Kobeissi Letter (@KobeissiLetter) 8 December 2023
Data from CME Group fadewatch tool Still, the chances of anything other than a pause on rate changes at next week’s Fed meeting are practically zero.
The US Dollar Index (DXY) saw particularly pronounced volatility around the data, reaching its highest level since November 20 before trading at 103.8 at the time of writing.
Liquidity boosts BTC price amid consolidation
While gold was down 0.8%, Bitcoin managed to avoid an outright decline despite a lack of confidence in lower interest rates coming soon.
Connected: ‘Early bull market’ – Bitcoin price headed for weekly golden cross for the first time
The largest cryptocurrency remained locked in a multi-day trading range as traders looked for signs of the trend continuing.
“Bitcoin is still going strong in an uptrend and remains strong after the recent move higher,” said popular analyst Matthew Hyland. wrote In part of an analysis on X (formerly Twitter).
“Now clear support around $43k.”
Meanwhile, fellow trader and analyst Dan Crypto Trades directly noted important areas of liquidity around the spot price.
#bitcoin liquidation map
For some time now, due to expansion in this area, some thick clusters are being formed on both sides.
Most notable: $42.9K and $43.8K
Keep an eye on those levels. pic.twitter.com/Vz6eYVVwy5
– Daan Crypto Trades (@DaanCrypto) 8 December 2023
As with Ether, continued attention is focused on altcoins vs. Bitcoin (ETH) and Solana’s SOL (Fifth note of musical scale, took the lead overnight Amid renewed anticipation of the return of “alternative weather”.
“Bitcoin is still going strong around $43K, while Ethereum is gaining more momentum,” said Michael van de Poppe, founder and CEO of MN Trading. told X customer.
“ETH/BTC’s bottom is near or may be. The next two months are going to be electric for altcoins.”
This article does not constitute investment advice or recommendations. Every investing and trading move involves risk, and readers should do their own research when making decisions.
