Bitcoin (BTC) Surges Past $60,000 Mark Amidst Unexpected US NFP Data – Future Predictions for BTC Value

• Bitcoin price surges back above $60,000 following a weaker-than-expected US labor market report.
• The report has increased hopes for more than one interest rate cut by the Federal Reserve before the end of 2024.
• Bitcoin’s next move will depend on whether it can break out of its recent bearish trend channel.

Bitcoin’s price has surged back above $60,000 following a weaker-than-expected US labor market report. The report has increased hopes for more than one interest rate cut by the Federal Reserve before the end of 2024. Bitcoin’s next move will depend on whether it can break out of its recent bearish trend channel.

Bitcoin Price Reacts to US NFP Data

The Bitcoin (BTC) price has powered back into the mid-$61,000s in wake of a softer-than-expected US labor market report which has boosted hopes that the Fed cuts interest rates more than once before the end of 2024. The US economy added 175,000 jobs in April, below the Wall Street consensus for a 240,000 job gain. Meanwhile, the unemployment rate jumped to 3.9%, above the expected 3.8%.

Market Reaction and Bitcoin’s Next Move

As per the CME, the odds that the Fed will have cut interest rates more than once before the end of 2024 rose to around 62% from around 50% one day ago. This has put US yields... Read the full article for FREE at COINOTAG!