At the time of writing, Bitcoin is trading a reasonable plus of 1.40 percent against the US dollar. That rise brings Bitcoin to its current price of $20,600, which is quite surprising after last Wednesday’s stern speech by Federal Reserve Chairman Jerome Powell.
Important day for the market
After Wednesday’s interest rate decision, today is another important day for the market when it comes to the macroeconomic situation. Today it is the turn of the US Bureau of Labor Statistics to announce the US Nonfarm Payrolls. This number represents the change in the number of people employed in the United States.
The lower this number is, the weaker the US job market, which could theoretically force the Federal Reserve to change course. For September, this number came in at a plus of 263,000. The lowest increase since April 2021, but still a better score than the market expectation of 250,000.
For today, this number is expected to be a plus of 197,000, which means that the number of workers is increasing again. Unemployment is also expected to increase from 3.5 to 3.6 percent. That could be a catalyst for Bitcoin to start a new rise.
Low volatility for Bitcoin
The past few months have marked a period of rare low volatility for Bitcoin. For a long time, the price hovered around USD 19,000, before making a small climb to the current exchange rate of above USD 20,000. However, volatility is still extremely low, which could mean another price explosion soon.
The job figures from the United States today may cause that price explosion shortly before the weekend. Then the report must be a bit disappointing, otherwise the Federal Reserve will receive another confirmation that they can continue raising interest rates. The latter would be a bad thing for Bitcoin.