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Weak US Employment Data and Bitcoin's Future

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by Giorgi Kostiuk

4 hours ago

Recent employment data in the US has affected the Bitcoin market. The reduction in job numbers may signify new growth opportunities for the cryptocurrency.

Weak US Employment Data

The US Bureau of Labor Statistics reported a loss of 911,000 jobs, marking the steepest cut in history. The unemployment rate rose to 4.3%, with employers adding only 22,000 jobs in August against an expectation of 75,000.

Market History and Predictions

In light of the deteriorating labor market, it is anticipated that the Federal Reserve will decide to lower rates. Historically low rates could positively impact assets including Bitcoin.

Technical Analysis of Bitcoin

Bitcoin has rebounded after its decline and could reach $129,000 if it breaks through the resistance level of $115,000-$116,000. Bitcoin is trading above its 20-week exponential moving average, confirming a bullish outlook.

Weak employment data in the US suggests potential changes in the Bitcoin market. Depending on the Federal Reserve's future actions, the cryptocurrency may continue to grow.

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