Bitcoin sees $23.3K amid market reaction to US jobs report

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  • On Friday, bitcoin price declined slightly towards the $23,250 support area.
  • The price action of top cryptocurrencies mirrored early trades on Wall Street as markets reacted to US economic data.
  • The US added 517,000 jobs against an estimated 188,000, and unemployment fell to a 53-year low of 3.4%.

Bitcoin It traded lower by about 2% in the morning around $23,250 in response to Friday’s US jobs report. as CoinJournal ReportedBitcoin declined against the US Dollar after briefly touching a high of $24,086.

across crypto, Ethereum had slipped towards $1,600 with a loss of about 1.4%.

Bitcoin and Stocks React to US Jobs Data

As mentioned, throughout the initial action cryptocurrency prices That mirrored the opening on Wall Street, where three major US indices showed a bigger-than-expected rise in non-farm payrolls after the January jobs report.

Data released by the US Bureau of Labor Statistics showed the labor market couple 517,000 jobs in the first month of 2023. Statistics indicated an unexpected increase, more than the 188,000 estimated by economists.

The US economy added far more jobs in January than the 223,000 it managed in December, with the unemployment rate falling to its lowest level in half a century. To the figureUnemployment is now below 3.4%, the lowest level for the US since 1969. Economists had expected the unemployment rate at 3.5%.

The market’s reaction to the economic data, along with disappointing earnings results from Big Tech, spurred an early selloff on Wall Street. There is also potential for jitters about what this means for the Fed’s inflation outlook.

The S&P 500 fell nearly 1%, while the Dow Jones Industrial Average fell 100 points before gaining some ground. The Nasdaq Composite shed more than 1.3% in early trade, hit by a decline in tech stocks.

Major indices are trying to recover early losses, as is bitcoin which is trading near $23,500 as of 10:25 a.m. ET. If the bulls gain momentum to the upside, BTC is likely to hold its intraday high above $24,000.

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