Bitcoin Surges Over $60,000 Amidst Mixed US Jobs Report

By: Eliza Bennet

Bitcoin Rally Amidst Economic Fluctuations

Data from Trading Economics indicates a slight increase in unemployment to 3.9% in April. However, an uptick in non-farm payrolls by 175,000 offset this rise, driving markets to react positively. Bitcoin, viewed as a risk appetite barometer, made a significant rally, surpassing the $60,000 mark.

The overall uptick in employment figures hints at a potential soft landing for the economy, alleviating concerns about a severe labor market slowdown. Based on the CME Fed Watch tool, the expectations for Fed funds future rate cuts in 2024 have gone up.

Following this economic fluctuation, Bitcoin's price soared over $61,000, marking a notable resurgence in its bullish momentum. This rally is setting the stage for potential testing of upper resistance levels and reclaiming previously lost price levels. Market analysts also suggest that a recovery of resistance levels could open up the potential for Bitcoin to reach highs of $67,000 - $68,000.

Large investors have taken a positive outlook, with over 47,000 BTC accumulated over the past 24 hours, bolstering the Bitcoin's price upward trajectory.