The Bitcoin price maintained a stable position in the vicinity of the $35,500 mark. With the investment community eagerly anticipating the imminent release of the US Nonfarm Payrolls (NFP) report for the month of October. The Nonfarm Payrolls data assumes a pivotal role in influencing the perspectives of market participants. As it carries substantial ramifications for traders’ assessments of the potential extension of the US central bank’s elevated interest rate regime or the likelihood of further rate increases.
The impending publication of the US NFP report holds significant sway over the trajectory of Bitcoin’s price movements. Recent macroeconomic developments have elicited notable fluctuations in the valuation of BTC. With the US Federal Reserve’s decision to maintain interest rates at a steady level providing a significant boost to Bitcoin’s price surge. During this period, Bitcoin steadfastly maintained its position above the $35,500 threshold on the Binance exchange.
It is noteworthy that the US central bank has consistently underscored its commitment to making interest rate determinations based on empirical data. Consequently, the Nonfarm Payrolls figure is poised to play a pivotal role in shaping the central bank’s decision-making process. In turn influencing whether interest rates will be kept at an elevated level for an extended duration or whether a rate hike may be considered prior to the conclusion of 2023.
Also Read: Bitcoin Price This Week Holds Steady Above $34K
US NFP Report Implications for Bitcoin Price in October
Current market consensus suggests that the US economy may have added approximately 180,000 Nonfarm payrolls in the month of October. Notably, the preceding month’s report exceeded market expectations by a significant margin, revealing the addition of 336,000 jobs.
In the event of an unexpectedly robust NFP report for October, Bitcoin’s price may witness a temporary retracement. However, traders can reasonably anticipate a subsequent recovery phase. Given that investor sentiment throughout the month of October has been markedly influenced by the prospect of regulatory approval for a spot Bitcoin Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC).
Conversely, Bitcoin’s price is susceptible to experiencing downward price fluctuations should the jobs report surpass market expectations. As illustrated in the BTC/USDT price chart below. It is plausible that Bitcoin’s price will find support at the 10-day Exponential Moving Average (EMA) situated at $34,028. From this level, BTC may embark on a rebound phase and continue its upward trajectory.
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Disclaimer:
Please note that this article serves solely for informational purposes. As such, it is not financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
