Recent US jobs data failed to positively impact Bitcoin's price, which has decreased over 2%. Meanwhile, gold continues to gain popularity while cryptocurrencies are under pressure.
Bitcoin and Labor Market
Bitcoin ([BTC](https://cointelegraph.com/bitcoin-price "null")) dropped below $109,500 after Thursday’s Wall Street opening as US jobs data could not support the cryptocurrency. Data from [Cointelegraph Markets Pro](https://subscription.cointelegraph.com/?_gl=1*enpnlb*_ga*MTE3NDE3MjgzMC4xNzE1NjcwODE1*_ga_53R24TEEB1*MTc0NDcyNDI2NS40MS4xLjE3NDQ3MjQyNjkuNTYuMC45MTY3MzAwMzI. "null") and [TradingView](https://www.tradingview.com/symbols/BTCUSD/?exchange=BITSTAMP "null") showed BTC/USD losses exceeding 2% for the day.
Support at $110,000
Bulls failed to flip the area around $112,000 to support, and despite the weak unemployment numbers, downside pressure remained. "Bitcoin got rejected from its major resistance level," confirmed popular trader BitBull in a post. Many market participants expect a test of $100,000 support in the short term. Meanwhile, the crypto market insight firm Swissblock flagged that "critical support" currently lies at $110,000.
Gold Outshines Crypto
The macro picture favored stocks as signals from the labor market raised the odds of the Federal Reserve cutting interest rates. However, trading firm Mosaic Asset warned that gold has become the "GLOBAL safe haven asset." They noted that "deficit spending is flooding the US Treasury market with supply," contributing to gold's rise.
The situation in the cryptocurrency market remains uncertain as Bitcoin’s price fluctuates under various influences. Gold, in contrast, strengthens its position as a reliable asset.
