Crypto: Bitcoin Reacts To Major Us Jobs Data Beat As Fed Rate Pause Odds...

Bitcoin volatility spiked on the back of surprisingly strong US nonfarm payrolls numbers, but traders retained $50,000 BTC price targets. Will a Federal Reserve interest rate decision lead to a bullish outcome?

Bitcoin (BTC) saw flash volatility around Wednesday’s Wall Street open as US jobs data came in well above expectations.

Bitcoin attempts to rescue the day’s losses on the back of stronger US nonfarm payrolls data.

Mixed signals result in risk assets diverging in their reactions to the numbers.

Bitcoin traders stay wary of a deeper BTC price dip to come.

Data from TradingView tracked a BTC price spike to nearly $69,000 which quickly retraced, extending daily losses past 4% at the time of writing.

US nonfarm payrolls outperformed considerably on the day, with 130,000 jobs added in January versus the anticipated 55,000.

Strong labor-market numbers tend to imply less need to lower interest rates — typically a headwind for crypto and risk assets. At the same time, the reduced likelihood of recession creates a nuanced picture for risk-asset performance.

As such, the S&P 500 initially gained 0.5%, while the Nasdaq Composite Index fell 0.6% before both retraced their moves.

Precious metals also saw uncertain price action, with gold hitting new February highs before giving back gains to target $5,000 support.

Source: CoinTelegraph