Bitcoin is battling the $70k resistance level in a tug of war that sees it consolidating in what feels like eternity. While the entire cryptocurrency community awaits the weekend's direction of Bitcoin, all eyes are on the latest economic data out of the United States.


Of the center of attraction is the Preferred Monthly Release, a key indicator released on the first Friday of every month giving an insight into the nation's economic situation. The number this month surprises to the upside as non-farm/off-farm employment numbers posted 272,000, beating estimates, but the unemployment rate remained unchanged at 4%, defying analysts' consensus of falling to 3.9%.

Bitcoin’s Response to the Most Recent Set of Incoming Data Unveiled

Non-Farm Employment & Unemployment Data Impact on Prices

So the release of the data on non-farm employment tends to be a kind of barometer signaling economic recovery, resulting in a good reaction with the currency markets whenever the results surpass expectations. These changes in the labor markets are closely associated with the monetary policy of the Federal Reserve (FED), which is to stabilize the labor market and have control over inflation.


These realities can push the DXY lower and Bitcoin higher when the expectations are not met, respectively. Conversely, fulfilling or overachieving said expectations usually pushes Bitcoin lower. Simultaneously, it pushes the DXY higher.


Considerable dollar strength is likely to be caused in the event of a heightened level of unemployment. This is an excellent setup for Bitcoin, as it tends to react in opposition to the dollar.

Investors should probably prepare for more volatility in Bitcoin and the dollar with the employment data release this week; market reactions can be anything.

Focus on US Economic Data

Currently, the US economic data is under a spotlight with market analysts trying to predict how Bitcoin will perform over the weekend. The market's focus is on the employment figures and the effects these will have on Bitcoin and its influence on altcoins.

Monthly Employment Data Release.


There is no data release that is more expected than this one, which is released on the first Friday of each month. It gives investors and stakeholders an idea of how healthy the economy is.


In the latest release of the NFP, the number of non-farm payrolls surged past expectations by 272,000 jobs. The rate of unemployment stood at 4%, a little above the 3.9% that was estimated. This is the data that shapes the expectations and reactions of the markets.