CandleFocus BREAKING: US Nonfarm Payrolls Data Released! What Was Bitcoin's (BTC) First Reaction?
2024-09-06
Author: Content Editor
Bitcoin's price dropped to $56,000 as the downward trend continues. Investors are now focusing on economic data from the US, particularly the nonfarm payrolls data and unemployment rate. Higher-than-expected nonfarm payrolls data signals economic recovery and has a positive impact on the currency, while changes in the labor market affect the Federal Reserve's monetary policy. If the data exceeds expectations, the dollar may rise and Bitcoin may pull back, while a decrease in the dollar could benefit Bitcoin. Volatility is expected during the data release.
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