bullish

Bitcoin

Rekt

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) saw volatility around the Oct. 4 Wall Street open as United States employment data dramatically beat expectations.
<figure>
 <img alt="Bitcoin gets US employment boost as BTC price eyes $300M ask liquidity" src="https://s3.cointelegraph.com/uploads/2024-10/019257d6-7b59-7f56-8e22-f6fa2a21d52f" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="bitcoin-joins-us-stocks-in-nonfarm-payrolls-gains">Bitcoin joins US stocks in nonfarm payrolls gains</h2>
Data from <a data-ct-non-breakable="null" href="https://pro.cointelegraph.com/?via=markets&amp;_ga=2.173325223.503936973.1685953699-1136475544.1627545224" 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 BTC price action nearing $62,000 on Bitstamp.
Up by around 2% on the day, BTC/USD reacted well to the <a data-ct-non-breakable="null" href="https://www.bls.gov/news.release/empsit.nr0.htm" rel="null" target="null" text="null" title="null">US nonfarm payrolls figures</a>, which came in significantly higher than predicted for September at 254,000 versus 147,000, respectively.
US equities also responded positively, with both the S&amp;P 500 and Nasdaq Composite Index opening higher.
“The clear answer here is that risk appetite is incredibly strong,” trading resource The Kobeissi Letter <a data-ct-non-breakable="null" href="https://x.com/KobeissiLetter/status/1842191111424786535" rel="null" target="null" text="null" title="null">wrote</a> in part of various responses on X.&nbsp;
<blockquote>
 “Markets are perceiving ALL news as good news for the first time in years.”
</blockquote>
Kobeissi nonetheless cautioned that headline Consumer Price Index (CPI) inflation data, due Oct. 10, needed to support the risk-on narrative, guiding markets to believe that the US Federal Reserve can achieve a “soft landing” on inflation.
In turn, markets began pricing in the overwhelming odds of the Fed’s next interest rate cut in November being smaller than the surprise 0.5% move last month.
“Following the report, odds of a 25 basis point interest rate cut in November skyrocketed to 93%. Before the report, markets saw a near 50% chance of a 50 basis point cut next month,” Kobeissi <a data-ct-non-breakable="null" href="https://x.com/KobeissiLetter/status/1842191109071778057" rel="null" target="null" text="null" title="null">commented</a>, referring to data from CME Group’s <a data-ct-non-breakable="null" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="null" target="null" text="null" title="null">FedWatch Tool</a>.&nbsp;
<blockquote>
 “So how is this bullish if the so-called ‘Fed pivot’ has already been priced-in?”
</blockquote>
<figure>
 <img alt="Bitcoin gets US employment boost as BTC price eyes $300M ask liquidity" src="https://s3.cointelegraph.com/uploads/2024-10/019257d2-6744-748c-aef7-9c4b2a3ba6ec" title="">
 <figcaption style="text-align: center;">
 Fed target rate probabilities. Source: CME Group
 </figcaption>
</figure>
<h2 id="btc-price-spike-attacks-ask-liquidity">BTC price spike attacks ask liquidity</h2>
Bitcoin itself cleared a line of ask liquidity at $61,830 during its reaction to the employment data, as shown by monitoring resource <a data-ct-non-breakable="null" href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" rel="null" target="null" text="null" title="null">CoinGlass</a>.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-analysis-btc-price-gains-coinbase-premium-golden-cross" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-analysis-btc-price-gains-coinbase-premium-golden-cross">Bitcoin analysis sees BTC price gains on Coinbase premium golden cross</a>
<figure>
 <img alt="Bitcoin gets US employment boost as BTC price eyes $300M ask liquidity" src="https://s3.cointelegraph.com/uploads/2024-10/019257d4-e626-790a-b657-eb304a5413ec" title="">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap (screenshot). Source: CoinGlass
 </figcaption>
</figure>
Analyzing the situation on order books, popular trader Daan Crypto Trades suggested that BTC’s price may even attempt to take liquidity higher up, this totaling $300 million.
“Large cluster of sell orders places around the $62.5K price region. It will be interesting to see if price tries to fill those today,” he <a data-ct-non-breakable="null" href="https://x.com/DaanCrypto/status/1842193792167752042" rel="null" target="null" text="null" title="null">told</a> X followers.&nbsp;
<figure>
 <img alt="Bitcoin gets US employment boost as BTC price eyes $300M ask liquidity" src="https://s3.cointelegraph.com/uploads/2024-10/019257d3-388f-71ca-bc0b-c402befbf4d2" title="">
 <figcaption style="text-align: center;">
 BTC/USDT order book data. Source: Daan Crypto Trades/X
 </figcaption>
</figure>
Zooming out, fellow trader and analyst Rekt Capital, meanwhile, <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1842190163126198416" rel="null" target="null" text="null" title="null">suggested</a> that despite recent weakness, BTC price behavior was conducive to bullish continuation.
“Now that’s a picture-perfect retest right there,” he commented alongside the weekly chart showing BTC/USD respecting a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-trader-still-too-early-call-btc-price-bottom" rel="null" target="null" text="null" title="null">downward-sloping channel</a>.
<blockquote>
 “Bitcoin has successfully retested the Downtrend (light blue) as support.”
</blockquote>
<figure>
 <img alt="Bitcoin gets US employment boost as BTC price eyes $300M ask liquidity" src="https://s3.cointelegraph.com/uploads/2024-10/019257d3-a580-7f10-8f5b-e22deeccccb0" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-week chart. Source: Rekt Capital/X
 </figcaption>
</figure>
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.

Bitcoin gets US employment boost as BTC price eyes $300M ask liquidity

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