BTC price rides US jobs miss amid warning Bitcoin could retest $49.5K
2024-09-05

Bitcoin BTCUSD tagged $57,000 at the Sept. 5 Wall Street open as United States equities gained on macroeconomic data prints.Cointelegraph
US jobs data keeps bumper rate hike hopes alive
Data from Cointelegraph Markets Pro and TradingView showed a BTC price action briefly reversing a slide which had begun after the prior daily close.
Down 2.3% on the day, BTCUSD took only modest relief from a US stocks bounce as macro figures reinforced an upcoming interest rate cut. 
Among the releases was a wide miss among private-sector payrolls, which rose by 99,000 versus the 144,000 expected.
“This marks the smallest gain since 2021,” trading resource The Kobeissi Letter wrote in part of a response on X.
The latest estimates from CME Group’s FedWatch Tool saw markets continuing to entertain the possibility of a larger rate cut by the Federal Reserve at its next meeting on Sept. 18.
More jobs data on Sept. 4 presented a similar picture, with job openings in the Job Openings and Labor Turnover Survey (JOLTS) decreasing to 7.67 million versus the anticipated 8.1 million.
Reacting on X, macroeconomic commentary account Macro Dose described the result as “substantially worse than expected.”
“As the Fed looks to become more focussed on their employment mandate as the labor market continues to cool they’ll be keeping a close eye on the rest of the data due for release this week in order to inform their decision on if, and by how much, they plan on cutting rates at their meeting later this month,” it concluded.Cointelegraph
As Cointelegraph continues to report, risk asset traders, including those focused on crypto, hope that a larger rate cut will in turn inspire an influx of liquidity into the markets.
BTC price “double bottom” on the cards
Turning to Bitcoin itself, market participants saw a need to wait for the last round of unemployment data on Sept. 6 for clues as to Bitcoin’s trend intentions.
Keith Alan, co-founder of trading resource Material Indicators, nonetheless warned that the August lows of $49,500 could still act as a magnet for a “double bottom” to come.
In his latest video analysis, Alan even suggested that this would be cathartic for Bitcoin’s overall uptrend, as it would offer a backtest of a previously contested area.
“To that end, I really want to see this retest, and even more, since $50,000 was broken, might we even go lower?” he queried.Cointelegraph
A key trendline in focus was the 50-week simple moving average (SMA), currently at $53,355.
Popular trader CrypNuevo meanwhile suggested that a relief bounce for BTCUSD just above $60,000 should the unemployment data offer another risk-asset boost.Cointelegraph
“Some liquidations are gathering between $60k and $60.2k in the 7 days liq. Heatmap,” he wrote alongside exchange order book data. 
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