While Bitcoin continues to trade at the $28,000 limit, eyes are turned to the economic data to be announced today.
Today at 15.30 Türkiye time US non-farm employment and unemployment will be announced.
In non-farm employment data expectation 239k, previous 311k.
In unemployment data expectation 3.6% previous 3.6%
The data announced on the first Friday of every month are followed closely to understand the state of the economy.
The Effect of Non-Farm Employment and Unemployment Data on Price
The fact that the non-farm employment data is above the expectations is considered as a signal of the economic recovery in that country and has a positive effect on the currency.
Changes in the labor market are highly influential on the Fed’s monetary policy. The FED, which thinks that the labor market should cool down in addition to the fall in inflation, closely monitors employment data.
With the effect of the banking crisis, the reversing wind in interest rate increases may accelerate in favor of risky assets with lower inflation and employment data.
If the data to be announced at 15.30 comes above 239 thousand, we can see that DXY (dollar index) rises and Bitcoin retreats a little. If it is below 239 thousand, it may cause us to see a pullback in DXY.
Increasing unemployment may cause us to see a sharp pullback in DXY. This will also be positive for Bitcoin.
In both cases, volatility will be high during the minutes when the data is released.
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