NFP Data Pushes BTC Up $35,300, Crypto 'Bullish'?


 "When are you going to break through $36K anyway, it feels like the price of BTC has been moving horizontally for a long time."

After hovering below $34,500, the price of cryptocurrency king Bitcoin (BTC) slowly reached $35,300 as the NFP jobs report for November 3, 2023 saw the addition of 150,000 jobs for October against expectations of 178,000.

Following the job market for October was weak, the Federal Reserve (Fed) may not act aggressively in raising interest rates, therefore investors' concerns about the hawkish stance of the American central bank (US) decreased.

The number of jobs added in the US economy every month can have a major influence on the greenback and other risky assets such as BTC and digital assets, so here it can be seen that the Fed will look at employment data including inflation to determine the need for interest rate hikes.

By observation, higher interest rates will make borrowing expensive and thus negatively impact BTC but recent NFP data suggests the Fed may rule out another rate hike.

There is no denying that BTC's strong resistance zone at the moment is $35,936, however it can reach $37,764 if the price manages to break through that level plus if there is positive sentiment.

However, it should be noted that BTC could see a drop to 31,087 followed by $29,202 if the price fails to maintain a position between the $34,000 and $35,000 range.

As of this writing, the price of BTC has risen by 0.13% to $35,096 in the last 24 hours with a market cap of $685 billion and has recorded a 1.66% rise over the last week.