Bitcoin (BTC) reached $44,000 following the opening of Wall Street on December 8, as the latest United States employment data caused a reevaluation of market expectations for interest rate cuts.
Bitcoin Holds Steady as Jobs Data Affects the US Dollar
The most recent BTC price movements were closely monitored by data from Cointelegraph Markets Pro and TradingView, as investors reacted to the latest indications of US inflation.
The nonfarm payrolls data exceeded expectations, with 199,000 jobs added compared to the projected 190,000. Additionally, the unemployment rate came in lower than forecast at 3.7% instead of 3.9%, according to an official release from the US Bureau of Labor Statistics.
These figures suggested that the full impact of the Federal Reserve's monetary tightening had not yet been felt. While other data had already indicated a decline in inflation, the labor statistics made the markets nervous.
Despite this, data from CME Group's FedWatch Tool indicated that the chances of any changes in interest rates at the next Federal Reserve meeting were practically zero.
The US Dollar Index (DXY) experienced significant volatility following the release of the data. It briefly reached its highest levels since November 20 before giving up its gains and trading at 103.8 at the time of writing.
Bitcoin Price Remains Stable Amid Consolidation
While gold prices fell by 0.8%, Bitcoin managed to avoid a significant decline despite reduced expectations of imminent interest rate cuts.
The leading cryptocurrency remained within a multi-day trading range as traders searched for signs of a continuation in the current trend.
"Bitcoin is still consolidating in an upward trend and holding strong after its recent surge," noted analyst Matthew Hyland in his analysis on X (formerly Twitter).
Another trader and analyst, Daan Crypto Trades, highlighted significant areas of liquidity directly surrounding the current spot price.
Attention is also focused on altcoins, particularly Ether (ETH) and Solana's SOL, which saw increased activity overnight amid renewed anticipation of a potential alt season.
"Bitcoin is still consolidating around $43K, while Ethereum is gaining momentum," said Michaël van de Poppe, founder and CEO of MN Trading, in a statement to X subscribers.
Note: This article does not provide investment advice or recommendations. All investment and trading decisions involve risk, and readers should conduct their own research before making any decisions.
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