The U.S. market was eagerly waiting for the U.S. job report for further cues on the economy. Notably, the U.S. Federal Reserve has weighed on the investors’ sentiment lately, keeping the interest rate unchanged at their last FOMC meeting. In addition, the mixed economic data also suggested a potential hawkish stance from the Federal Reserve with their policy rate stance in the coming days, pressuring the Bitcoin price.

U.S Job Data Sparks Speculations

The U.S. employment report showed that the employment increased by 175,000, as expected to 240,000 according to the market forecast. In addition, the data comes in lower than the previous month’s figure of 303,000. Simultaneously, the U.S. unemployment rate comes in at 3.9%, as compared to the market expectation of 3.8%. On the other hand, the U.S. hourly wages soar at 0.2%, as compared to a market expectation of 0.3%.

The traders were on edge awaiting the release of key US job data today, pivotal for economic health and future monetary strategies. In addition, the Bitcoin price has also noted volatile trading amid a topsy-turvy scenario in the market condition. The highly anticipated report is projected to reveal a moderate addition of 240,000 new jobs in April, a slight decline from March’s 303,000. 

In addition, forecasts also anticipate unemployment claims to hold steady at 3.8%, while average hourly earnings are expected to rise by 0.3%, aligning with the previous month’s surge. These figures carry significant weight as they offer insights into the economy’s trajectory and may influence the Bitcoin price.

Meanwhile, Bitcoin traders were on edge awaiting the release of key US payroll data today, pivotal for economic health and future monetary strategies. The highly anticipated report was projected to reveal a moderate addition of 240,000 new jobs in April, a slight decline from March’s 303,000. However, Bitcoin has rallied following the release of the data.

Notably, the cooling data suggests a positive momentum for the broader financial market in the coming days, especially after the recent data painted a gloomy picture on the investors’ sentiment.

Also Read: Kraken Subsidiary Is Major A Beneficiary Of Bitcoin ETFs In US & HK

Bitcoin Price Soars Despite Gloomy Outlook

The U.S. Federal Reserve has recently provided a hawkish outlook with its policy rate plans. With the latest data indicating hotter inflation data, investors’s interest has shifted toward a hawkish outlook from the Federal Reserve.

Notably amid this, the Q1 GDP growth hits 1.6%, falling short of expectations, signaling economic challenges. On the other hand, the PCE inflation surges by 0.3% in March, reaching 2.7% annually, surpassing market forecasts. 

Meanwhile, Manufacturing PMI falls to 49.2% in April, below expectations, indicating economic contraction. March Job Openings stand at 8.5 million, slightly below market expectations, reflecting labor market dynamics. These metrics, including PMI and inflation, play crucial roles in understanding economic health and guiding business decisions in uncertain times, especially amid a recent volatility in the Bitcoin price.

Bitcoin Price To Rally?

The recent data indicated a positive outlook for the U.S. economy, suggesting a dovish outlook from the Fed in the coming days. Meanwhile, the recent Job openings data and the job data pointed to a positive stance from the U.S. central bank.

Meanwhile, as of writing, the Bitcoin price is up 4.53% to $61,120.22, with its trading volume slipping 30% to $28.26 billion. Notably, several analysts have projected a bullish outlook for the crypto.

Also Read: Apple Stock (AAPL) Soars 6% Pre-Market Amid AI and Big Buyback Plan

The post Breaking: Bitcoin Soars Past 61K As Job Data Indicates Dovish Stance From Fed appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am