Bitcoin Traders Monitor Crucial Thresholds as Surprise US Employment Data Propels BTC Value Over $71K — Insights from TradingView

Bitcoin

BTCUSD
saw a quick recovery from its drop below $69,000 on November 1st, following unexpected reactions to U.S. job market data that caused fluctuations in the dollar’s value.

Recovery in Bitcoin value following US job report releases

Information obtained from Cointelegraph Markets Pro and TradingView indicated a resurgence in the price of BTC after the disappointing figures in the October nonfarm payrolls report.

Job increase numbers were considerably under projections. A mere 12,000 new jobs were recorded as opposed to the 106,000 anticipated. Revisions also reduced the counts for the previous two months substantially—by 31,000 for September and a further 81,000 for August.

In contrast, the unemployment rate aligned with predictions at 4.1%.

“This represents the least number of jobs added in the U.S. since July 2021, strongly hinting at a slowing job market,” wrote The Kobeissi Letter, commenting on the data on platform X.

The Kobeissi Letter foresaw a reduction in the interest rate by 0.25% by the Federal Reserve in its next meeting scheduled for November 7th. This prediction was also supported by metrics from the CME Group’s FedWatch Tool.

Subsequent to the release of the labor statistics, the U.S. Dollar Index (DXY) dipped to 103.6 before rallying.

“There it is!” exclaimed Michaël van de Poppe, cryptocurrency trader, analyst, and entrepreneur, in his own X commentary. He noted the NFP outcome was the poorest since January 2021 and foresaw an economic easing on the horizon as the job market weakens.

Positive monthly conclusion for Bitcoin price

Besides, Bitcoin attempted to mitigate the sharp downturns it experienced surrounding the close of the October monthly candle.

At the time of this writing,

BTCUSD had climbed about 1.6% for the day, surpassing $71,000 and in the process causing a squeeze on short positions.

“Ideally, the market is establishing the next 1D Higher Low (HL) with enduring market demand around $69K,” observed prominent market commentator Skew in his latest X update regarding daily chart HL formations.

“Another significant closing for today and the commencement of November are crucial for the ongoing trend.”

Another market expert, Titan of Crypto, pointed to $71,300 as a crucial threshold to convert into support.

“The closing price for October’s candle wiped out four entire months of negative price trends in a single sweep. Extremely positive. Even the cloud signal indicators are showing bullish signs,” he mentioned in an X post alongside an Ichimoku cloud analysis of the monthly chart.

This article is not a source of investment guidance or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.