BTC has once again managed to cross the psychological resistance of $61k in the past few hours. As Contrary to expectations, the September jobs report came in much stronger than expected. The reports showed that the US economy has added 254k jobs blowing the estimates of 147k. Also, the US unemployment rate fell from 4.2% to 4.1%, which slightly reduce the chances of a recession in US and the need to cut 50 bps rate in November.
In addition to this, the average hourly earnings rose by a hotter than expected 4.0% compared to the forecasts for 3.8% which shows that the economy is holding better than expected amid a resilient labor market. US stocks has shown positive response to these reports and BTC has jumped above $62k again.
This sets a clear way for bulls in the upcoming days and clearly indicates that buying sentiment was dominant among futures investors, which can be considered a positive signal. The better news was that BTC’s price was about to touch the lower limit of the Bollinger Bands. Whenever such an incident happens, it hints at a price rise soon. If that happens again, then BTC might move towards the resistance near $67k in the coming days.
As of now, at the time of writing this article, BTC is trading roughly around $61,500 and has seen a growth of 1.4% in the last 24 hours and has a market capitalization of $1.23 Trillion.