"Hmm, I think investors still like it if the price of BTC moves volatile?"
Shortly after strengthening up to $35,960, the price of cryptocurrency king Bitcoin (BTC) is back hovering below $35,000 as investors await the release of the United States (US) NFP jobs report today (Friday).
This is because the NFP report can provide guidance to investors in determining whether the Federal Reserve (Fed) will maintain high interest rates for longer or increase rates further.
BTC has recently seen a fluctuating movement in response to macroeconomic events, thus the Fed's decision to keep interest rates stable has pushed its price up.
According to market expectations, the US economy may have added 180,000 jobs in October 2023 but it should be noted that the September report was double the expectation with an addition of 336,000.
That streak, BTC price could see a pullback in the event of a surprise in the October NFP release, however investors can expect BTC to bounce back from a correction in the short term following sentiment largely driven by possible spot BTC ETFs.
So here it can be seen that BTC is capable of experiencing volatility if the jobs report exceeds expectations, and the price may slip first at $34,028 before continuing to rise where $36,671 and $37,670 are its resistance zones.
As of this writing, BTC price has plunged by 3.08% to $34,521 in the past 24 hours with a market cap of $674 billion still posting a 2.01% climb over the past week.
