Close Menu
    Track all markets on TradingView
    Bitcoin Dives Back Under $111,000 Despite Nonfarm Payrolls Miss
    Bitcoin

    Bitcoin Takes a Plunge Below $111,000 Amid Disappointing Nonfarm Payroll Data

    wsjcryptoBy Nessun commento3 Mins Read

    “`html

    Essential highlights:

    • Bitcoin falters with fluctuations surrounding US employment statistics, leading to a plunge below $111,000.

    • BTC market movements relinquish all its advancements while gold achieves yet another unprecedented peak.

    • Traders uphold forecasts for a $100,000 support retest.

    Bitcoin (BTC) became erratic at Friday’s Wall Street commencement as US employment data fell significantly short of projections.

    BTC/USD one-hour chart. Source: Cointelegraph/TradingView

    Gold surpasses record as US labor market “swiftly declining”

    Information from Cointelegraph Markets Pro and TradingView indicated BTC/USD achieving new September peaks of $113,400 before dropping nearly $3,000 within an hour.

    The August report of US nonfarm payrolls (NFP) confirmed the economy added 22,000 positions — substantially lower than the anticipated 75,000.

    The strength of the US dollar decreased as a result, while gold reached new all-time highs.

    XAU/USD four-hour chart. Source: Cointelegraph/TradingView

    In reaction, market stakeholders concurred that the trajectory was now set for a significant risk-asset tailwind event: the Federal Reserve lowering interest rates at its Sept. 17 assembly.

    Data from CME Group’s FedWatch Tool highlighted the probability of such an outcome.

    “This signifies the 2nd lowest jobs report figure since July 2021,” trading source The Kobeissi Letter noted in part of a thread on X.

    “The labor market is swiftly declining.”

    Fed target rate probabilities for September FOMC meeting (screenshot). Source: CME Group

    Kobeissi observed that the employment figures for prior months had also been revised downwards.

    “The labor market is much more dire than you might realize: Not only was June’s job number negative, but the US economy lost -357,000 full-time jobs in August,” founder Adam Kobeissi added.

    Bitcoin price forecasts focus on $100,000 dip

    Notwithstanding the favorable implications of the NFP print for Bitcoin, BTC market movements presented a notably lackluster response.

    Related: Bitcoin sets 2024-style bear trap ahead of ‘major short squeeze’: Trader

    This did not go unnoticed by some market participants, including renowned commentator WhalePanda.

    Traders instead focused on crucial resistance levels still needing to be converted back to support. Well-known trader Daan Crypto Trades pointed out the 200-period simple (SMA) and exponential (EMA) moving averages on four-hour timeframes.

    “The 4H 200MA & EMA are usually regarded as a reliable momentum indicator for the short to mid-term trend. These have both acted as resistance for several weeks and are currently being tested again,” part of an X post elaborated.

    BTC/USDT perpetual futures four-hour chart. Source: Daan Crypto Trades/X

    “This is a very critical level to regain for further upside,” fellow trader ZYN concurred about the pre-NFP price zone, adding that “bulls will be completely back” should the $113,000 support return.

    Pessimistic views persisted, with crypto investor and entrepreneur Ted Pillows reiterating forecasts of a decline toward $100,000.

    “Moreover, if this level fails to hold, BTC could fall around the $92K-$94K CME gap level,” he cautioned on the day.

    BTC/USDT one-day chart. Source: Ted Pillows/X

    This article does not offer investment advice or recommendations. Every investment and trading action carries risk, and readers should perform their own research when making decisions.