Employment data shows a mixed picture. Can Bitcoin hold steady above 90,000?

Question

【Crypto World】The US labor market has experienced an interesting reversal. In October, non-farm employment fell significantly short of expectations, dropping by 105,000, far exceeding the market estimate of 25,000. In November, the data rebounded slightly, adding 64,000 jobs, slightly better than the expected 50,000. However, the unemployment rate rose from 4.4% to 4.6%, which is a somewhat complex signal.

What does the market think? Analysts generally believe that the softening labor market will lead the Federal Reserve to adopt a more dovish stance, which is actually positive for risk assets like Bitcoin—after all, under loose monetary policy, funds tend to seek higher-yielding assets. Currently, Bitcoin’s price has already approached $90,000.

But there is also another concern. Rising unemployment may hint at a recession risk. Once this expectation is reinforced, the volatility of the cryptocurrency market could increase significantly. In the short term, whether this is good news or bad news depends on how investors interpret this data.

MonkeySeeMonkeyDo · Accepted Answer

I'm just worried that the Federal Reserve might change its stance again. The current situation looks quite strange.

MemeCurator · Answer

It's really unstable at the 90,000 yuan mark; as soon as the unemployment rate rises, it's game over.

GweiTooHigh · Answer

A drop of 105,000 in October, a rebound of 64,000 in November... These fluctuations are really outrageous, it feels like a prelude to a harvest of the leeks.

The unemployment rate is still climbing. Will the Federal Reserve really cut interest rates? I'm a bit skeptical. Don't fall for the tricks, everyone.

The 90,000 threshold can't be held, once broken, it will head straight to 85,000. Don't cry then.

BitcoinDaddy · Answer

The unemployment rate is rising... Is this a sign of an upcoming recession or a signal that the Fed is easing? Feels like the crypto market is about to experience a wild shakeout in the next couple of days.

AirdropworkerZhang · Answer

October plunged over 50,000, and November rebounded again. The Federal Reserve really knows how to play.

Rising unemployment rate is really hard to say; it feels like the crypto market's sentiment might explode in the next couple of days.

$90,000 is a threshold; whether it's broken or not depends on this wave.

Daily reversals and flips, my head is about to explode.

As recession expectations strengthen, volatility directly takes off, making it hard to sleep while holding coins.

Loose monetary policy is good news, but the risk of economic recession is even more frightening.

The rise in unemployment rate is a bit of a hassle; short-term outlook is hard to see through.

The non-farm payroll data is so volatile that it's hard to say whether Bitcoin will be stable or not.

Still, the same advice: beware of recession expectations, as that is the real killer.

CoffeeNFTs · Answer

Unemployment rate rises but Bitcoin approaches 90,000? This logic doesn't quite hold up, it feels like walking a tightrope.

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Under the expectation of easing, funds seek high returns, which sounds good, but once recession fears are confirmed, the crypto market could explode.

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It's another rollercoaster market, and this kind of situation really tests one's mentality.

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With non-farm payroll data so unpredictable, whether 90,000 can hold steady is truly anyone's guess.

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Whether the Federal Reserve will really cut interest rates is the real game-changer; otherwise, all these are just armchair strategies.

PancakeFlippa · Answer

Non-farm data keeps fluctuating, I really can't understand what the Federal Reserve is trying to do

The unemployment rate is rising but new jobs are still decent? This logic doesn't quite hold up

99k is hard to defend, it feels like a pullback is coming

Is this wave truly bearish or bullish? Let's wait until the March 28th FOMC meeting to see

The easing expectations are not that simple; signals of an economic recession are the real big deal

ChainMemeDealer · Answer

90,000 threshold? Uh... I think this data is a bit suspicious. The unemployment rate is still rising. It feels like walking a tightrope.