US job growth slows in October, impacts Bitcoin and other risk assets

The US economy added 150,000 jobs in October, falling short of market expectations, according to the Nonfarm Payrolls (NFP) report issued by the US Bureau of Labor Statistics (BLS) on Friday. This key data, closely watched by the Federal Reserve for its interest rate decisions, suggests that tight financial conditions and slowing inflation may discourage another interest rate hike.

The NFP data not only impacts the US dollar but also influences risk assets like and other cryptocurrencies. These assets are sensitive to changes in borrowing costs in a high-interest environment and can experience increased volatility as a result.

Bitcoin is currently trading around $34,500, aiming to return to the November 2 level of $35,500. The cryptocurrency faces immediate resistance at the lower boundary of the Fair Value Gap at $34,466. Meanwhile, potential support is expected at the 10-day EMA at $34,325. However, a dip below the 50-day EMA at $34,296 could challenge the bullish thesis where traders use leverage for gains.

These market dynamics are reflected in Binance’s BTC/USDT five-minute price chart. As traders continue to monitor these developments, it’s clear that macroeconomic data such as the NFP report can have far-reaching effects on a variety of markets and assets.

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