The US unemployment rate rose to 4.3% in August, slightly in line with projections. This increase has sparked concerns about the economy, potentially influencing the Federal Reserve's decision on interest rates. Bitcoin's price jumped to $113,400 after the jobs data release, reflecting bullish liquidity expectations tied to potential rate cuts. However, the rally was short-lived, and Bitcoin retraced to $112,700. A weaker labor market could strengthen the case for rate cuts, benefiting Bitcoin. Conversely, a surprise re-acceleration in employment growth could challenge the easing path and potentially hurt Bitcoin's price.
Depending on the unemployment rates, Bitcoin will either bullish or bearish.
What is your opinion on the future of Bitcoin?
