Bitcoin (BTC) experienced a sudden retest of $27,000 as the US employment data caused market volatility. The unexpected increase in US non-farm payrolls for September, almost double the expected number, demonstrated the labor market’s resilience to the Federal Reserve’s counterinflation measures. However, this result was viewed as negative for risk assets, including cryptocurrency. Traders speculated that this data increased the likelihood of another interest rate hike from the Fed at the November meeting. The Consumer Price Index (CPI) will provide further insight into Fed policy. Market projections suggest that pressure is now on both markets and the Fed itself, with futures falling significantly after the report. Bitcoin also saw a decline in open interest, returning to more average levels.
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