Bitcoin momentarily dropped to $27,000 due to surprising U.S. non-farm payroll figures, but rapidly made a comeback.

Insights from Cointelegraph Markets Pro and TradingView tracked BTC's movement as it faced a 2.1% decline within an hour. The price then made a significant recovery, hovering around $27,700, a crucial point before the data was revealed.

This price turbulence was influenced by the U.S. non-farm payrolls for September, which surged to 336,000, nearly double the forecasted 170,000.

While this data showcased the labor market's robustness against the Federal Reserve's anti-inflation efforts like interest rate adjustments, the September figures were perceived negatively for volatile assets, including digital currencies.

On platform X (previously known as Twitter), notable trader CrypNuevo commented, "Despite the positive data, it's seen as negative since the FED aims to weaken the labor market."

CrypNuevo, like many others, anticipates a heightened chance of the Fed implementing another rate increase during the Federal Open Market Committee's November session.

He elaborated, "Given the market's reaction to this data, there's a growing concern about a possible 25bsp hike on November 1st, with the odds shifting from 25% yesterday to 31.3% today," citing figures from CME Group’s FedWatch Tool.

The Consumer Price Index (CPI) serves as a primary gauge for the Fed's inflation measures.

Building on this, the financial analysis source, The Kobeissi Letter, indicated that both the markets and the Fed are currently under heightened scrutiny.

The report also mentioned, "While earlier predictions anticipated a Fed pause until June 2024, current market insights project the pause to extend till July 2024 regarding rate adjustments."

In a revised analysis from Oct. 6, trader Daan Crypto Trades pointed out a decrease in Bitcoin's open interest (OI).

In the past, such levels had triggered periods of both upward and downward price fluctuations.

He summed it up, saying, "There's been a $600M drop in Open Interest since the peak of yesterday. It's approaching what's considered more typical and 'stable' levels."