Bitcoin traders eye key levels as US jobs shock sends BTC price past $71K
2024.11.01 11:49
Bitcoin (BTC) bounced back from sub-$69,000 lows on Nov. 1 as shock United States jobs data sparked dollar volatility.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin pares losses amid US employment drawdowns
Data from Cointelegraph Markets Pro and TradingView showed a BTC price rebound setting in after the October print of nonfarm payrolls.
These came in dramatically below expectations, with the economy adding just 12,000 jobs versus the expected 106,000. The tally for both September and August was also revised down significantly — by 31,000 and 81,000, respectively.
Unemployment conversely came in on target at 4.1%.
“This marks the lowest number of US jobs added since July 2021. All signs continue to point toward a weaker labor market,” trading resource The Kobeissi Letter wrote in part of its reaction on X.
Kobeissi added that it expected the Federal Reserve to cut interest rates by 0.25% at its upcoming meeting on Nov. 7 — a synopsis echoed by CME Group’s FedWatch Tool.
Fed target rate probabilities. Source: CME Group
The US Dollar Index (DXY) suffered on the data release, dropping to 103.6 before recovering.
“There we go!” crypto trader, analyst and entrepreneur Michaël van de Poppe continued in his own X coverage, noting that the NFP result was the worst since January 2021.
Referring to loosening economic conditions, Van de Poppe predicted that “the reversal is around the corner as labor markets are getting softer.”
US Dollar Index (DXY) 1-hour chart. Source: TradingView
BTC price offers “extremely bullish” monthly close
Bitcoin itself, meanwhile, made an effort to recoup snap losses that had surrounded the October monthly candle close.
Related: Bitcoin speculators send $4B to exchanges as BTC price loses $70K
BTC/USD was up around 1.6% on the day at the time of writing, passing $71,000 and liquidating shorts in the process.
BTC liquidations (screenshot). Source: CoinGlass
“Ideally the market is setting the next 1D HL here with sustaining market demand around $69K,” popular trader Skew wrote in his latest X coverage regarding a higher low (HL) on 1-day timeframes.
“Another important 1D close later today, as well the November open is important for trend.”
BTC/USDT 1-day chart. Source: Skew/X
Fellow trader Titan of Crypto named $71,300 as a particularly important level to flip to support.
“October’s candle close erased four months of downward price action in one go. Extremely bullish. The cloud also shows bullish signs,” he wrote in an X post with Ichimoku cloud analysis of the 1-month chart.
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 trading move involves risk, and readers should conduct their own research when making a decision.
