US Job Growth Stalls, Reducing Pressure on Bitcoin

Recent job growth in the US has nearly stalled, with only 29,000 positions added in September. This slowdown has led to a significant reduction in the likelihood of an October Federal Reserve interest rate hike, with odds dropping from 64% to 22%. As a result, Bitcoin and other risk assets may experience reduced pressure in the current market.

The easing of Fed hike expectations due to disappointing job growth provides a potential relief for risk assets, including Bitcoin. However, inflation remains a concern, with core inflation still sticky at 2.3%. This mixture of factors creates a challenging environment for traders as they assess the next moves in the market.