US Job Data Dampens Market Sentiment; What’s Next For Bitcoin?

The long-awaited US Job data showed that the nonfarm payroll increased by 228,000 in March, up from 151,000 in the prior month. On the other hand, the US unemployment rate comes in at 4.2%, up from 4.1% recorded in the prior month. This job data has dampened market confidence, hinting towards a potential hawkish stance by the US Fed ahead, which could hinder the Bitcoin and top altcoins prices breakout ahead.

US Job Data: Nonfarm Payrolls & Unemployment Rate Dampens Market Sentiment

The latest US Job data by the Labor Department showed that the nonfarm payrolls increased by 228K in March, up from the prior month’s figure of 151K. On the other hand, the unemployment rate comes in at 4.2%, up from the prior month’s figure of 4.1%. Notably, the metrics have surpassed Wall Street expectations of 140K and 4.1%.

These higher-than-expected figures have raised concerns among investors, with many anticipating a hawkish stance ahead by the US Fed. Notably, this is one of the most crucial metrics that the US central bank considers while deciding its policy rate plans.

How’s Bitcoin Performing After US Job Data?

Bitcoin price has recorded a sharp fall after the US Job data, reflecting the gloomy sentiment hovering in the market. Notably, BTC price today fell from $84,639 to as low as $81,745 just after the Labor Department’s data. However, it has recorded a slight recovery, as investors appear to be downplaying Trump’s tariff plans’ impact on the broader market.

Meanwhile, the US 10-year Bond Yield fell more than 3.4% to 3.91 following the latest release. On the other hand, the US Dollar Index stayed near the flatline at $102.012. Besides, the CME FedWatch Tool showed that there is only a 42% chance of a potential 25bps rate cut at the upcoming Fed’s gathering.

Considering all these aspects, the latest US Job data is expected to weigh on the investors’ sentiment. So, if the Fed decides to move ahead with a hawkish plan, it could dampen the broader market sentiment, while hindering the growth potential of Bitcoin and other top altcoins.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.