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Bitcoin price drops by 2% following release of US jobs data, increasing speculation of a Federal Reserve interest rate hike

Bitcoin Dives 2% on US Jobs Data as Fed Rate Hike Bets Heat Up

BTC saw a sudden retest of $27,000 around the Wall Street open on October 6th as the wildcard United States employment data rattled markets.

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1-hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView closely tracked BTC price action as the largest cryptocurrency experienced a 2.1% loss in just one hourly candle.

Fed target rate probabilities chart. Source: CME Group (NASDAQ:)
BTC/USD chart with aggregated OI. Source: Daan Crypto Trades/X

Bitcoin’s price dive amidst the release of US jobs data has sparked speculations about potential Federal Reserve rate hikes. The sudden drop in BTC to $27,000 took place as markets reacted to the employment figures from the United States. This unexpected movement has stirred uncertainty among investors and traders, leading to a 2.1% decrease in Bitcoin’s value within a single hour.

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Experts and analysts have been closely monitoring BTC price action using platforms like Cointelegraph Markets Pro and TradingView. These tools provide valuable insights into the crypto market, allowing market participants to make informed decisions. The data collected from these platforms has revealed the impact of the US jobs data on Bitcoin’s price, highlighting the interconnectedness between traditional economic indicators and the cryptocurrency market.

Investors and traders should pay attention to the Federal Reserve’s target rate probabilities, as depicted in the chart provided by CME Group. This data can provide valuable insights into the potential direction of interest rates, which can impact Bitcoin and other cryptocurrencies. By staying informed about these probabilities, market participants can position themselves strategically and mitigate risks.

Furthermore, it is crucial to analyze the BTC/USD chart with aggregated Open Interest (OI) to gain a comprehensive understanding of market sentiment. Daan Crypto Trades/X offers an insightful chart that presents the aggregated OI for BTC/USD. This chart can serve as a powerful tool for traders, enabling them to identify potential trends and market movements.

It is important for investors and traders to stay updated on the latest developments and trends in the crypto market. Subscribing to platforms like Cointelegraph Markets Pro can provide access to valuable market outlooks and analysis. By leveraging these resources, market participants can enhance their decision-making process and navigate the ever-changing landscape of cryptocurrencies.

For more information on Bitcoin’s price dive amidst US jobs data and its potential implications, continue reading on Coin Telegraph.

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