BTC Important Update After US Jobs Report!
The US economy added 254,000 jobs in September 2024 , substantially surpassing Wall Street’s expectation of 147,000.
The unemployment rate also dropped to 4.1%, while the annual pace of wage growth increased to 4.0% from 3.8% in August.
This stronger-than-expected jobs report prompted macro traders to largely eliminate bets on another 50bps rate cut from the Federal Reserve in November.
Whats Next???
Geopolitical tensions continue to play a significant role in shaping the Bitcoin market and broader financial markets.
Israel is anticipated to retaliate against Iran after a missile attack earlier this week , raising fears of a broader conflict.
Everyone on X : " Uptober is here, Q4 is very bullish"Iran to Israel : pic.twitter.com/AIUwi7G5fW
— naiive (@naiivememe) October 2, 2024
Such an escalation could severely disrupt oil flows from the Middle East, posing a major risk to the global economy and keeping risk appetite in check across markets, particularly in crypto.
Without the recent geopolitical tensions, this week’s US economic data could have fueled a strong Bitcoin rally, potentially pushing the price as high as $70,000.
However, due to the worsening geopolitical landscape, October may not see the typical “Uptober” surge that some market participants expected.
Polymarket users currently assign a 25% chance that Bitcoin reaches $70,000 this month , compared to a 42% chance it falls to $55,000.
Source: TradingView / BTCUSD
In contrast, Standard Chartered issued a note earlier this week warning that a short-term dip below $60,000 is likely, but encouraged investors to buy the dip.
JUST IN: $800 billion Standard Chartered bank says a #Bitcoin dip under $60,000 “should be bought into.” 👀Bullish 🐂 pic.twitter.com/XLkV7g2ztK
— Bitcoin Magazine (@BitcoinMagazine) October 3, 2024
#WeAreAllSatoshi #SECAppealRipple #U.S.UnemploymentNewLow #BTCUptober #BTCReboundsAfterFOMC $BTC $ETH $BNB