Bitcoin Strengthens as Jobs Data Boosts Crypto Sentiment

Bitcoin kicked off the week on a positive note, trading around $86,100 on Monday morning, up 1.14% in 24 hours. The crypto's market capitalization stands at $1.73 trillion, contributing to a total crypto market value of $2.94 trillion, up 1.36% on the day. The Fear & Greed Index is at 68, indicating a stabilizing sentiment in the market.

The spark for this optimism came from Friday's disappointing U.S. jobs report, which showed employers added only 29,000 positions in September, far below expectations. The unemployment rate rose to 4.2%, and revisions to previous months' data made the outlook even worse. This weak economic data has reduced the likelihood of an October interest rate hike by the Federal Reserve, which is good news for risk assets like Bitcoin.

Technical indicators also point to a strong momentum for Bitcoin. The Relative Strength Index (RSI) is at 64.7, indicating strong gains without being overbought, while the Average Directional Index (ADI) is at 43.4, signaling a robust trend. Moreover, Bitcoin has just flashed a second, stronger golden cross, with the 100-day exponential moving average (EMA) crossing above the 200-day EMA. This confirms the medium-term trend's strength, as it requires sustained price elevation over months.

Altcoins are showing mixed movements, with Ethereum up 0.59% to $2,711 and XRP up 0.81% to $1.51. Solana, however, slipped 0.91% to $120.31. U.S. spot Bitcoin ETFs recorded $189.84 million in net inflows, with total net assets at $101.1 billion. Looking ahead, key events include the release of the Federal Reserve's September meeting minutes on October 7 and the September Consumer Price Index (CPI) on October 14.