FOMC

Bitcoin

Material

Reserve

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) tagged $57,000 at the Sept. 5 Wall Street open as United States equities gained on macroeconomic data prints.
<figure>
 <img alt="BTC price rides US jobs miss amid warning Bitcoin could retest $49.5K" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191c2c8-62bc-78a4-bf21-7d33a4822d0f">
 <figcaption style="text-align: center;">
 BTC/USD 1-hr candle chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="strong-us-jobs-data-keeps-bumper-rate-hike-hopes-alive-strong-br">US jobs data keeps bumper rate hike hopes alive </h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> showed a BTC price action briefly reversing a slide that had begun after the prior daily close. 
Down 2.3% on the day, BTC/USD took only modest relief from a bounce in US stocks as macro figures reinforced an upcoming interest rate cut.&nbsp; 
Among the releases was a wide miss among private-sector payrolls, which rose by 99,000 versus the 144,000 expected. 
“This marks the smallest gain since 2021,” trading resource The Kobeissi Letter <a data-ct-non-breakable="null" href="https://x.com/KobeissiLetter/status/1831668103018635284" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/KobeissiLetter/status/1831668103018635284">wrote</a> in part of a response on X. 
<blockquote>
 “What is happening to the labor market?”
</blockquote>
The latest estimates from CME Group’s FedWatch Tool saw markets <a data-ct-non-breakable="null" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="nofollow noopener" target="_blank" text="null" title="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">continuing</a> to entertain the possibility of a more significant rate cut by the US Federal Reserve at its next meeting on Sept. 18. 
More jobs data on Sept. 4 presented a similar picture, with job openings in the Job Openings and Labor Turnover Survey decreasing to 7.67 million instead of the anticipated 8.1 million. 
Reacting on X, macroeconomic commentary account Macro Dose <a data-ct-non-breakable="null" href="https://x.com/macro_dose/status/1831429815586713693" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/macro_dose/status/1831429815586713693">described</a> the result as “substantially worse than expected.”
“As the Fed looks to become more focussed on their employment mandate as the labor market continues to cool they’ll be keeping a close eye on the rest of the data due for release this week in order to inform their decision on if, and by how much, they plan on cutting rates at their meeting later this month,” it concluded.
<figure>
 <img alt="BTC price rides US jobs miss amid warning Bitcoin could retest $49.5K" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191c2ca-2ddd-7d7b-96e7-dab92c5fde50">
 <figcaption style="text-align: center;">
 Fed target rate probabilities. Source: CME Group
 </figcaption>
</figure>
As&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/classic-rektember-5-things-bitcoin-this-week" rel="null" target="null" text="null" title="null">Cointelegraph continues to report</a>, risk asset traders, including those focused on crypto, hope that a more significant rate cut will, in turn, inspire an influx of liquidity into the markets. 
<h2 id="strong-btc-price-double-bottom-on-the-cards-strong-br">BTC price “double bottom” on the cards </h2>
Turning to Bitcoin itself, market participants saw a need to wait for the last round of unemployment data on Sept. 6 for clues as to Bitcoin’s trend intentions. 
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-transactions-dive-30-6-months-btc-price-disinterest" rel="null" target="null" text="null" title="null">Bitcoin transactions dive 30% in 6 months amid BTC price ‘disinterest’</a> 
Keith Alan, co-founder of trading resource Material Indicators, nonetheless warned that the August lows of $49,500 could still act as a magnet for a “double bottom” to come.
In his latest video analysis, Alan even <a data-ct-non-breakable="null" href="https://x.com/MI_Algos/status/1831685636677415160" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/MI_Algos/status/1831685636677415160">suggested</a> that this would be cathartic for Bitcoin’s overall uptrend, as it would offer a backtest of a previously contested area. 
“To that end, I really want to see this retest, and even more, since $50,000 was broken, might we even go lower?” he queried.
<figure>
 <img alt="BTC price rides US jobs miss amid warning Bitcoin could retest $49.5K" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191c2c8-d3f7-7d6e-a2cb-4e8eb6520b43">
 <figcaption style="text-align: center;">
 BTC/USD 1-week candle chart. Source: TradingView
 </figcaption>
</figure>
A key trendline in focus was the 50-week simple moving average, currently at $53,355.
Popular trader CrypNuevo, meanwhile, suggested a relief bounce for BTC/USD just above $60,000 should the unemployment data offer another risk-asset boost.
<figure>
 <img alt="BTC price rides US jobs miss amid warning Bitcoin could retest $49.5K" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191c2c9-0602-7a47-8574-0bd301bfcb87">
 <figcaption style="text-align: center;">
 BTC liquidation levels, Binance. Source: Heatmaps Crypnuevo 
 </figcaption>
</figure>
“Some liquidations are gathering between $60k and $60.2k in the 7 days liq. Heatmap,” he <a data-ct-non-breakable="null" href="https://x.com/CrypNuevo/status/1831661706453426536" rel="null" target="null" text="null" title="null">wrote</a> alongside exchange order book data.&nbsp; 
<blockquote>
 “It seems difficult but we could get there if we have good labour market data tomorrow - crucial day for the markets in anticipation to the next FOMC meeting.”
</blockquote>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BTC price rides US jobs miss amid warning Bitcoin could retest $49.5K

Table of Contents

Cointelegraph

Other articles published on Sep 5, 2024

Zurich Cantonal Bank Ventures into Bitcoin and Ethereum Trading

Fed hits Texas bank with cease and desist over servicing crypto firms

XRP Might Start Forming 'Death Cross' Signal

As Cardano Officially Rolls Out Chang Hard Fork, Is Catalyst Dreamers The Next Trailblazer On Car...

Robinhood Crypto Settles with California for $3.9M Over Withdrawal Issues

TON falls to 5-month lows, 86% of holders seeing losses

Join our free newsletter for daily crypto updates!