Bitcoin's Reaction to U.S. Nonfarm Employment Data

[U.S. non-farm employment data released! This is Bitcoin’s first reaction! 】As Bitcoin prices fluctuate between $42,000 and $43,000, market focus turns to U.S. economic data, particularly key indicators released on the first Friday of every month.The latest published data are as follows:-Nonfarm employment data: actual 353k, expected 187k, previous value 216k- Unemployment rate: actual 3.7%, expected 3.8%, previous value 3.7%For this data, the reaction of Bitcoin and the US dollar index is analyzed as follows:- Higher-than-expected nonfarm payrolls data is generally seen as a positive sign of economic recovery and is positive for the currency.- Changes in the labor market have profound implications for the Federal Reserve's monetary policy. While focusing on lowering inflation, the Fed also wants to see the labor market cool down, so it pays close attention to employment data.- In the context of the banking crisis, any signs of a reversal of rising interest rates could prompt investors to move to less risky assets.- If the data is higher than expected, we may see a rise in the U.S. dollar index (DXY) and a slight correction in Bitcoin prices; if it is lower than expected, DXY may fall, which is beneficial to Bitcoin.- Rising unemployment could trigger a sharp decline in DXY, supporting Bitcoin.Overall, market volatility will be high during the period when the data is released.

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