The United States Nonfarm Payrolls (NFP) report for October 2024 showed an increase of 150,000 jobs, below market expectations of 180,000.
This data indicates a cooling labor market, which could influence the Federal Reserve's decisions regarding interest rate policies.
In the context of the crypto market, particularly Bitcoin, NFP data often triggers price volatility.
Higher interest rates tend to make borrowing more expensive, potentially negatively impacting assets like Bitcoin, where traders frequently use leverage to gain profits.
Therefore, NFP data that falls below expectations can ease concerns over further interest rate hikes, providing a positive sentiment for the crypto market.
Following the release of the NFP data, Bitcoin's price was recorded around $34,500.
This level is close to the lower boundary of the Fair Value Gap at $34,466, which is likely to act as the nearest resistance.
Support can be found at the 10-day Exponential Moving Average (EMA) at $34,325.
A drop below the 50-day EMA at $34,296 could invalidate the bullish thesis for Bitcoin's price.
Overall, weaker-than-expected NFP data may provide a positive boost to the crypto market. However, investors should continue monitoring monetary policy developments and other economic indicators to understand the market's future direction.
