Bitcoin recedes to $34.2K ahead of US Nonfarm Payrolls data

At press time, bitcoin was changing hands at $34,235, representing a 2% drop on the day, CoinDesk data show. Prices briefly topped the $36,000 mark early this week, extending past week’s 15% surge from near $30,000. At 12:30 UTC, the U.S. Labor Department will release nonfarm payrolls data, which is expected to show the world’s largest economy added 180,000 jobs in October, marking a sharp slowdown from September’s 336,000 additions. The jobless rate is forecast to hold steady at 3.

“Good data is bad for markets – The overly eager dovish interpretation of Powell’s comments heightens the risk around an upside surprise for today’s NFP data. A soft jobs data will probably propel markets higher,” Solot said in X. The Federal Reserve held the benchmark borrowing cost unchanged at 5.25% early this week while explicitly mentioning that tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring and inflation.

Source: Digital Coin News (digitalcoinnews.net)

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