The latest US Job data showed that the nonfarm payrolls increased by 143K in January, down from the Wall Street expectations. Simultaneously, the report also showed that the unemployment rate came in at 4% in the starting month of the year, down from 4.1% in the prior month. As the latest data indicates a cooling labor market, investors are keeping close track of Bitcoin price ahead. Cooling US Job Data Sparks Bitcoin Price Rally Hope The latest US Job data by the Labor Department showed that nonfarm payrolls recorded a surge of 143,000 in January, down from 256,000 in the prior month. Notably, the market was expecting the number to remain near the 169K level. Simultaneously, the US unemployment report came in at 4% last month, down from the December figure of 4.1%. The market was eagerly waiting for this crucial labor market data, as it tends to influence the US Federal Reserve’s rate cut plans. Meanwhile, this lower-than-expected job data has fueled speculation over a potential Bitcoin price rally. Impact Of US Job Data On Financial Market For context, the cooling jobs data usually gives space for the central bank to trim their policy rates. On the other hand, if the labor market shows resilience despite the high rates, the Fed may stick to its plan to keep the rates steady. Having said that, the latest cooling data signals a bullish road ahead for Bitcoin price. However, despite that, the data is likely not enough to compel investors immediately over a Fed rate cut soon. Notably, the market is expecting only two rate cuts this year, with the first being expected after the first half of the year. In the latest FOMC, the US central bank has kept the interest rate unchanged. In addition, Fed Chair Jerome Powell has shifted towards a hawkish tone, saying that they would gauge inflation with more data before deciding on their rate cut plans. Meanwhile, following the release, the US 10-year Bond Yield rose 0.77% to 4.471. On the other hand, the US Dollar index advanced 0.23% to $107.790. However, CME FedWatch Tool data showed that there is only a 10.5% chance of a 25 basis point Fed rate cut in the upcoming FOMC in March. Source: CME FedWatch Tool What It Means For Bitcoin? Usually, the cooling US Job data boosts the market sentiment over lower rates, which increases the appeal of the risk-bet assets like Bitcoin and other crypto. Having said that, investors are keeping close track of the impact of the data on Bitcoin. Notably, Bitcoin price has witnessed highly volatile trading lately, witnessing a strong decline from its ATH. However, some investors see this latest cooling data as a positive catalyst for the crypto market ahead. Despite that, it is worth noting that the investors are still betting towards a Fed rate cut after the first half of the year. Besides, any hawkish comments from the Fed officials could further dampen the market sentiment. Meanwhile, despite that, market experts remain bullish on Bitcoin price and the broader crypto market. For context, in a recent X post, top crypto market analyst Mister Crypto lauded the US job data, citing it as a “BULLISH FOR CRYPTO” development. Source: Mister Crypto, X BTC price today also noted a surge following the US Job data, increasing to $98,497 from a 24-hour low of $95,707.35. Bitcoin Futures Open Interest also rose in the one-hour and four-hour time frame, signaling the impact of the data on the investors’ sentiment. But the massive BTC and ETH options expiry today could trigger volatile trading ahead in the broader crypto market. The post Breaking: Bitcoin Price Eyes Breakout As US Job Data Shows Slowing Growth appeared first on CoinGape .
