The U.S. labor market added 254,000 jobs in September, far more than economists expected, easing concerns about a weakening economy. The unemployment rate fell for the second consecutive month, from 4.2% in August to 4.1% in September, according to the Labor Department.
At 1:04 p.m. IST, Bitcoin was up 2.6% at $63,577, while Ethereum remained above the $2,450 mark.
Cryptocurrency tracker
“Bitcoin continued its relief rally after bouncing off critical trendline support at $59.8k. However, $65k could provide crucial resistance before any further upside,” CoinSwitch Markets Desk said. “Increasing geopolitical tensions may have put pressure on BTC in the short term, but as gold rises, BTC may follow.”Vikram Subburaj, CEO of Giottus Crypto Platform, noted: “Bitcoin has regained its bullish momentum after rebounding from its 50-day moving average near $60,600. The leading crypto asset is now targeting $64,000, with a potential of $65,000 this week. driven by a reduction in Bitcoin holdings on centralized exchanges, which are at their lowest level since November 2018. This drop in liquidity is fueling bullish price action.
Other popular cryptocurrencies including BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, Shiba Inu and Avalanche surged as much as 6%. The volume of all stablecoins is now $47.62 billion, or 88.34% of the total crypto market 24-hourly volume, according to data available on CoinMarketCap. In the last 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, reached $1.254 trillion. Bitcoin dominance is currently at 56.78%, according to CoinMarketCap. BTC volume over the past 24 hours jumped 64.2% to $20.2 billion.
The CoinDCX research team commented: “Last week, Bitcoin saw a sharp decline due to rising tensions between Israel and Iran and weak macroeconomic data. The market is expected to move sideways this week as these events are digested. Key support levels for BTC are $59,400 and $57,700. , with resistance at $64,500.”
He added that upcoming FOMC events and US CPI and PPI reports will be key to market direction this week.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by experts are their own. They do not represent the views of The Economic Times.)
