Bitcoin had a volatile night. It appears that the largest cryptocurrency on the market made an attempt to rise towards the $72,000 level yesterday, but ultimately failed to follow through. At the end of the evening, the Bitcoin price faced difficulties and the currency fell again to $70,000.
Bitcoin is now back and the price rose to $71,300 last night.
Big day for Bitcoin
However, today will be an important day for Bitcoin. Prices rose earlier this week due to a weak labor market in the United States.
The number of job openings in America (JOLTS Job Openings) reached 8.06 million, much lower than the expected 8.30 million.
In theory, this removes the upward pressure behind inflation, allowing the US central bank to cut interest rates more quickly. Because of this, Bitcoin started to rise.
Today, non-farm payrolls (NFP) are included in the program – job growth without taking agriculture into account. We also get the unemployment rate.
Focus on unemployment?
Both are very important to the US economy, but the focus may be on unemployment.
It has currently been below 4% for 27 straight months, and the series remains about the same as it was in 1967.
If unemployment rates turn out to be below 3.9% again tomorrow, this means that the longest streak of unemployment since 1951 will have been created. Therefore, it can be said that the performance of the American labor market is not that bad at all.
In this regard, the numbers released this afternoon will be crucial to determine whether Bitcoin can continue and move towards the all-time high.
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