The crypto space has been largely captivated which compels the price to remain consolidated at around $20,000. While the BTC price manages to make it towards the upper resistance, an external factor stikes the crypto space to create roughness. The markets which collapsed with the announcement of the interest rates are also expected to recover as the US employment rates normalize.
A Chief Investment officer at a popular Investment Firm AlphaTraI, recently said that heightened values of the U.S jobs report may create a domino effect in the markets that may drag the BTC price to a 2-year low.
However, the fresh data signifies a growth in employment within the state of the US which may be considered a bullish factor for the crypto space.
As per the report, total US employment increased by 315K against the expected 300K in August. The unemployment rate rose to 3.7% as notable job gains were recorded in professional & business services, health care & retail trade. Further, the US Dollar dropped notably with the release of the data, which is a bullish case for the crypto space.
With the employment rates standing elevated, Bitcoin(BTC) price is also gaining traction as the buying pressure is slowly accumulating. However, some analysts still believe it to be a short-term bounce and the asset may be primed to drop hard after reaching close to $21,000 resistance levels.
On a concluding note, BTC price still appears poised to mark the bottoms below $18,000 before igniting a significant jump.
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Source: https://coinpedia.org/news/bitcoin-price-may-recover-marginally-as-the-us-un-employment-rate-surges-high/