Bitcoin's price recently climbed above $99,000 amidst positive US employment data. Official reports indicate that the country's unemployment rate has dropped to 4%.
Recent Bitcoin Price Rally
At the time of writing, Bitcoin is trading above $99,700, after having climbed to $99,800 earlier. BTC has risen by 1.5% in the last 24 hours.
US Unemployment Rate Drops
According to NBC News, the US added 143,000 jobs in January, fewer than economists expected. However, the unemployment rate fell to 4% from 4.1%, beating forecasts. The Bureau of Labor Statistics adjusted data for November and December upwards by 100,000 jobs combined.
Potential to Exceed $100,000
Bitcoin is expected to potentially breach the important psychological level of $100,000, driven by increasing institutional interest and accumulation.
Given the positive trends in the US labor market, Bitcoin continues to show robust growth. Economists note that the current state of the US labor market is decent.
