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Bitcoin (BTC-USD) knee-jerked higher after the U.S. Bureau of Labor Statistics marked down the number of workers in payrolls by the most in 15 years.
The cryptocurrency is making yet another attempt to break out of the current strong $60K resistance level, climbing 2.6% to $60.7K at 2:56 p.m. ET. Since the Aug. 4-5 market swoon, bitcoin has flirted the $60K level more than five separate times.
Ethereum (ETH-USD), the world’s largest altcoin, also advanced after the BLS revision, rising 1.5% to $2.63K at the time of writing. Here’s a list of all the major digital tokens and their price action.
The payrolls benchmark was revised down 818K, or by 0.5%, for the 12 months through March 2024. That’s the largest downward revision since 2009, adding pressure on the Federal Reserve to cut interest rates at its next meeting on Sept. 17-18.
The preliminary estimate signals the labor market started softening much sooner than originally estimated. The final revision will be issued in February 2025.
A broad interpretation of the data suggests that a weaker-than-expected economy results in more accommodative monetary policy by the Fed, which, in turn, drives bitcoin (BTC-USD) prices higher than they would otherwise be. Only time will tell if this dynamic plays out in favor of BTC.
