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Bitcoin Surges $61k on Dovish Fed Job Data

Bitcoin Surges $61k on Dovish Fed Job Data

The U.S. market was eagerly waiting for the U.S. job report for further cues on the economy. Notably, the U.S. Federal Reserve has weighed on the investors’ sentiment lately, keeping the interest rate unchanged at their last FOMC meeting. In addition, the mixed economic data also suggested a potential hawkish stance from the Federal Reserve with their policy rate stance in the coming days, pressuring the Bitcoin price.

U.S Job Data Sparks Speculations

The U.S. employment data revealed that employment grew by 175,000, as predicted by the market, to reach 240,000. In addition, the data comes in lower than the previous month’s figure of 303,000. Simultaneously, the U.S. unemployment rate comes in at 3.9%, as compared to the market expectation of 3.8%. However, hourly wages in the United States have surged to 0.2% from a market projection of 0.3%.

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The announcement of important US job data today, which is crucial for the state of the economy and upcoming monetary policies, has traders on edge. In addition, the Bitcoin price has also noted volatile trading amid a topsy-turvy scenario in the market condition. A modest 240,000 new jobs are expected to be added in April, according to the much awaited report—a small decrease from March’s 303,000 jobs.

Forecasts also predict that unemployment claims will remain unchanged at 3.8% and that average hourly wages will increase by 0.3%, continuing the trend from the previous month. These numbers are very important since they shed light on the future direction of the economy and could affect the price of Bitcoin.

Ahead of today’s crucial US payroll statistics release, which is essential for the country’s economic stability and future monetary policies, Bitcoin traders were on edge. It was predicted in the much awaited report that 240,000 new jobs would be added in April, a modest decrease from the 303,000 jobs added in March. But since the data was made public, Bitcoin has increased in value.

Notably, the cooling data suggests a positive momentum for the broader financial market in the coming days, especially after the recent data painted a gloomy picture on the investors’ sentiment.

Bitcoin Price Soars Despite Gloomy Outlook

With its policy rate plans, the U.S. Federal Reserve has recently expressed a hawkish outlook. The most recent data points to hotter inflation, which has caused investors to shift their focus toward a hawkish Federal Reserve outlook.

Notably among this, the Q1 GDP growth hits 1.6%, falling short of estimates, highlighting economic problems. On the other hand, the PCE inflation surges by 0.3% in March, reaching 2.7% annually, surpassing market forecasts.

Meanwhile, Manufacturing PMI falls to 49.2% in April, below expectations, indicating economic contraction. With 8.5 million job openings in March, the labor market’s fundamentals are reflected in a modest decline from market forecasts. These metrics, including PMI and inflation, play crucial roles in understanding economic health and guiding business decisions in uncertain times, especially amid a recent volatility in the Bitcoin price.

Bitcoin Price To Rally?

A dovish outlook from the Fed in the upcoming days is suggested by the recent data, which showed a positive outlook for the US economy. In the meantime, the latest data on job openings and employment indicated that the U.S. central bank was taking a supportive position.

Meanwhile, as of writing, the Bitcoin price is up 4.53% to $61,120.22, with its trading volume slipping 30% to $28.26 billion. Notably, several analysts have projected a bullish outlook for the crypto.

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