Bitcoin Rallies Above $86,000 as US Economy Misses Job Expectations
The cryptocurrency market is experiencing a recovery on Friday, with Bitcoin trading above $86,000. This uptrend can be attributed to increased investor interest, with modest capital flowing into spot Exchange-Traded Funds (ETFs). Meanwhile, Gold is holding onto an upward correction, trading near $4,200.
The US economy created fewer-than-expected jobs in September, totaling 29,000, according to the Bureau of Labor Statistics (BLS) report. This missed the market expectation of 90,000, and the previous month's jobs increase was revised from 162,000 to 133,000.
Markus Levin, Co-founder of XYO, stated that the Fed is becoming less of a headwind, and that markets have gone from pricing a 70% chance of an October hike to around 25% in a matter of days.
Bitcoin's price is above the main Exponential Moving Averages and the active SuperTrend line, suggesting a firmly supported underlying uptrend. The Relative Strength Index (RSI) at 69 keeps price close to overbought territory, and hints at a risk of consolidation after the latest surge.
Gold's price is below key moving averages, reinforcing an overhead supply zone. The SuperTrend line at $4,433 and the descending resistance trendline break level near $4,464 further underline a market that is trading under a dense topside barrier.