Bitcoin Extends Rally, Gold Steadies Amid NFP Miss

The cryptocurrency market is recovering, with Bitcoin (BTC) trading above $86,000, up from its weekly low of $82,544. The uptrend can be attributed to elevated investor interest, with modest capital flowing into spot Exchange-Traded Funds (ETFs).

The US economy created fewer-than-expected jobs, totaling 29,000 in September, according to the Bureau of Labor Statistics (BLS) report. The print missed the market expectation of 90,000 by a wide margin, indicating a surprise softening of the labor market.

The odds of a Federal Reserve (Fed) rate hike in October continued to ease, averaging 18%, according to CME Group’s FedWatch tool. This means that market consensus is that the Fed will leave interest rates unchanged in the 3.75%-4.00% range, potentially relieving sell-side pressure for risk assets.