Bitcoin Price Remains Stable As US Unemployment Rate Rises To 3.7%
Bitcoin absorbing the pressure; the price has not moved as US Unemployment Rate Rises to 3.7%.
Bitcoin remains in the consolidation phase despite several forecasts of an imminent major downtrend. This consolidation from the firstborn crypto persists, even as the recently released Nonfarm Payrolls (NFP) report suggests a rise in the U.S. unemployment rate.
The just-released U.S. NFP report indicates that 315,000 jobs were added to the American labor market in August. This value is 15k above the forecasted 300,000 jobs. Notwithstanding, the report also adds that the unemployment rate in the U.S. increased to 3.7%.
— Bloomberg (@business) September 2, 2022
The unemployment rate appears to also be slightly above expected levels. There had been a forecast of a 3.5% unemployment rate, which is the same rate as in previous months. The rise to 3.5% marks the first time the American unemployment rate is seeing an increase in 5 months.
According to Colin Wu: The U.S. unemployment rate rose for the first time in five months. U.S. stock index futures rose in the short-term. Earlier, Federal Reserve Chairman Powell said that the September rate hike meeting will refer to August NFP and CPI data.”
Amidst this data, Bitcoin has remained fairly stable in its price movements. Since its crash from the $21.7k high on August 26th, BTC has maintained consolidation around the $20k support. The asset has slipped below the support on several occasions since August 26, but a quick bounce back above it has always been recorded.
Bitcoin is awaiting the next significant development to either surge above $20k or fall below the level. The asset’s direction will play a pivotal role in its next price actions in the coming weeks.
As previously reported by TheCryptoBasic, Max Gokhman, CIO at hedge fund AlphaTrAI noted that BTC could crash below $15k if the NFP report shows higher jobs than expected. According to Gokhman, if this happens and the Fed announces further interest rate hikes, BTC could break below the $ 20k support and experience a free fall to $15k.
BTC currently trades at $20,333 at the time of reporting. The asset appears to be showing positive signs in intraday movements. It has gained by 1.58% in the past 24 hours.
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