Bitcoin saw a short-lived price increase following the U.S. jobs report for September 2024, which showed a weaker-than-expected gain of just 99,000 jobs, well below the forecasted 144,000. This sparked speculation about a potential interest rate cut by the U.S. Federal Reserve, driving Bitcoin’s price briefly above $57,000. However, analysts caution that a retest of the August low at $49,500 is still possible.
Key Level: $49,500 “Double Bottom”
The $49,500 level is being closely watched by traders as a potential “double bottom” pattern. If Bitcoin tests this level again, it could serve as a foundation for the next upward movement. A “double bottom” is often seen as a bullish reversal signal, potentially marking the end of a downward trend and the start of a new rally.
Impact of Future Economic Data
The direction of Bitcoin’s price will likely depend on further U.S. economic data and the Federal Reserve’s upcoming decisions. If job market data continues to disappoint, traders expect that an interest rate cut could increase liquidity, benefiting risk assets like Bitcoin. However, without clear signals from the Fed, the market remains cautious, keeping an eye on how the broader economic situation unfolds.