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    Bitcoin price surges amid unexpectedly low US non-farm payroll jobs data and potential Federal Reserve rate cut

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    30s Summary

    Following the release of surprisingly low US non-farm payroll jobs data, Bitcoin’s price rose from below $69,000 on November 1. It was expected the economy would add 106,000 jobs, but only 12,000 were added. Many believe the weak job market may lead the Federal Reserve to cut interest rates by 0.25%. At the time of writing, Bitcoin traded over $71,000, meaning it must stay above $71,300 to avoid a downward trend. The period erased four months of falling prices for Bitcoin, generating excitement among investors who remain cautious.

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    Bitcoin managed to rise from a low of under $69,000 on November 1 after some surprising job figures in the US sent the dollar bouncing around.

    The bounce back in Bitcoin’s price happened after October’s statistics for nonfarm payroll jobs (those not related to farms, private households or not-for-profit organizations) were released.

    To everyone’s surprise, the economy only added 12,000 jobs, way under the expected 106,000. The total for both September and August was also corrected downwards by 31,000 and 81,000 jobs.

    However, unemployment was as expected at 4.1%.

    Traders believe this could be a sign of a weaker job market in the US. There’s a belief that the US Federal Reserve – the guys who set monetary policy – may cut interest rates by 0.25% in an upcoming meeting on November 7.

    The US Dollar Index, which measures the value of the US dollar compared to a bunch of other currencies, dipped slightly on these job figures before bouncing back.

    Despite this, Bitcoin is fighting to recover from some quick losses that happened at the end of October.

    At the time of writing, Bitcoin was up around 1.6% for the day, trading over $71,000 and causing a bit of a shock for those betting against it.

    Some traders are watching closely as they believe the next movements could set trends for November.

    It’s particularly important for Bitcoin to rise past $71,300 and stay there. If not, it risks being sent back down on its downward trend.

    This recent period has seen Bitcoin erase four months of falling prices in one go, which has got a fair few people pretty excited.

    But as always, don’t rush into anything. Investment can be risky and it’s always best to do some research before making a move.

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