- Investors appeared cautious ahead of the release of the US September jobs report, as it was expected to impact bond prices and the overall market.
- The largest cryptocurrency showed resilience against stock market sales driven by rising bond yields.
- Economists surveyed by The Wall Street Journal are predicting that employers added 170,000 jobs in September.
September job reports in the United States will be released today: Bitcoin may start an upward movement as it maintains its safe-haven role.
US September Jobs Reports Today: Could Initiate an Uptrend for Bitcoin
Bitcoin experienced a slight decline on Friday following a mixed day for cryptocurrencies. Investors appeared cautious ahead of the release of the US September jobs report, as it was expected to impact bond prices and the overall market.
In the last 24 hours, Bitcoin was trading at $27,650, up 0.8%. The largest cryptocurrency showed resilience against stock market sales driven by rising bond yields.
Joel Kruger, market strategist at LMAX Group, stated, “Bitcoin’s characteristics make it quite appealing as an alternative safe haven, particularly when compared to other cryptocurrencies that are more closely associated with risk sensitivity.”
The role of Bitcoin as a risk asset or a safe haven will likely be tested on Friday with the release of the September jobs report, as markets await clues about how close the Federal Reserve is to the end of its interest rate tightening cycle.
Economists surveyed by The Wall Street Journal are predicting that employers added 170,000 jobs in September, which shows a slight decrease from the 187,000 in the previous month.
A strong move could target $30,000
“Bitcoin’s ascent may depend on the results of Friday’s jobs report. A successful breakout would trigger strong buying signals for Bitcoin and could test the $30,000 price level,” said Yuya Hasegawa, a Bitbank cryptocurrency analyst.
Beyond Bitcoin, other cryptocurrencies were moving in different directions. The second-largest cryptocurrency, Ethereum, fell 0.3% to $1,634. Smaller cryptocurrencies or altcoins were on the rise; Cardano increased by 2.5%, while Solana rose by 1.3%. Memecoins saw gains, with Dogecoin rising 0.1%.
