Bitcoin is hovering around the $35,500 mark as investors await the October NFP report from the United States. The Nonfarm Payrolls figure is important for market participants because it can considerably impact traders’ expectations of whether the US central bank would maintain interest rates higher for a longer period of time, or even raise rates further.
Bitcoin dealers anticipate a tumultuous market with the release of the US NFP report
The release of the US NFP is critical for market participants in determining the direction of Bitcoin’s price trend. In response to recent macroeconomic developments, BTC has witnessed volatility; the US Federal Reserve’s decision to keep interest rates unchanged aided Bitcoin’s price surge. On Binance, BTC remained over the $35,500 mark.
The US Federal Reserve has repeatedly said that the decision to raise interest rates is data-driven. This suggests that the Nonfarm Payrolls report could influence whether interest rates are kept higher for longer or raised before the end of 2023.
The market anticipates that the US economy added 180,000 nonfarm payrolls in October. The September report came in roughly double the market’s estimates, with 336,000 new jobs added.
In the case of a positive surprise in October’s NFP data, the price of bitcoin may fall. Traders can expect BTC to rebound from the fall in the short term, as market mood was mostly driven by the potential of a spot Bitcoin ETF clearance by the US Securities and Exchange Commission (SEC) throughout October.
Bitcoin Price Today
If the employment data outperforms forecasts, the price of bitcoin is expected to fall. Bitcoin price is anticipated to find support at the 10-day Exponential Moving Average (EMA) at $34,028 as shown in the BTC/USDT price chart below. BTC may rebound from this level and restart its upward trajectory.
Once the BTC price restarts its advance, the lower border of the Fair Value Gap (FVG) between $36,671 and $37,670 is anticipated to act as barrier for the asset.