2024

United

April

<p class="is-style-lead">The price of Bitcoin has consolidated above $60,000 following the U.S. labor market report issued today.</p> 
<p>The rise in Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a>) happened shortly after the publication of the U.S. jobs report, which shifted expectations of the Federal&nbsp;Reserve’s&nbsp;key rate cut from November to September.</p> 
<p>Bitcoin gained more than 4% after the release of the statistics and continues to grow, moving towards $62,000, according to <a href="https://crypto.news/tag/CoinMarketCap/" target="_blank" rel="">CoinMarketCap</a> data.</p> 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14270332"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/05/Screenshot-2024-05-03-at-19.34.56-1024x546.png.webp"> 
  <img loading="lazy" decoding="async" width="1024" height="546" src="https://crypto.news/app/uploads/2024/05/Screenshot-2024-05-03-at-19.34.56-1024x546.png" alt="Bitcoin climbs above $60k after US labor market report - 26"> 
 </picture> 
 <figcaption class="wp-element-caption">
  Source: CoinMarketCap
 </figcaption>
</figure> 
<p>CryptoQuant CEO Ki Young Ju said that <a href="https://crypto.news/tag/bitcoin/" rel="">Bitcoin</a> whales accumulated 47,000 BTC in anticipation of the Fed’s report.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Bitcoin</a> whales accumulated 47K <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a> in the past 24 hours. We're entering a new era. <a href="https://t.co/SXgzToN8GU" target="_blank" rel="">pic.twitter.com/SXgzToN8GU</a></p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1786329424633516461?ref_src=twsrc%5Etfw" target="_blank" rel="">May 3, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Macroeconomic data has caused expectations regarding the trajectory of the Fed key rate in 2024 to be revised — instead of one, the market is now taking into account two cuts of 0.25% each, with the first expected in September rather than November before the&nbsp;release of statistics.</p> 
<p>Bloomberg analysts <a href="https://www.bloomberg.com/news/live-blog/2024-05-03/us-employment-report-for-april" target="_blank" rel="">said</a> the key report for investors will now be the report on consumer price dynamics on May 15.</p> 
<blockquote class="wp-block-quote"> 
 <p>“Overall&nbsp;the labor market still remains strong&nbsp;and&nbsp;they will need to see more evidence of a slowdown, or a surprise sharp drop in employment, to be worried about their employment mandate after such a strong string of job gains. Ultimately, the FOMC&nbsp;is going to&nbsp;stay on hold until they have clarity on inflation.”</p> <cite>Ali Jaffery, CIBC Capital Markets expert</cite>
</blockquote> 
<p>After the release of the U.S. labor market report, risk appetite increased in global markets. The S&amp;P 500 stock index opened up 1.2%, and the cryptocurrency index of fear and greed rose&nbsp;by&nbsp;five points on the day, moving from the fear zone to the neutral zone.</p> 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14270333"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/05/Screenshot-2024-05-03-at-20.01.51-1024x454.png.webp"> 
  <img loading="lazy" decoding="async" width="1024" height="454" src="https://crypto.news/app/uploads/2024/05/Screenshot-2024-05-03-at-20.01.51-1024x454.png" alt="Bitcoin climbs above $60k after US labor market report - 27"> 
 </picture> 
 <figcaption class="wp-element-caption">
  Source: 
 </figcaption>
</figure> 
<p>Recently, BTC’s price fell below the $60,000 threshold. Against the backdrop of&nbsp; Bitcoin’s&nbsp;fall, Santiment analysts said that the released data in the United States caused a surge in discussions around the hashtag #buythedip and mentions of BTC.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🤑😨 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Bitcoin</a> fell to $60K for the first time since April 18th as <a href="https://twitter.com/hashtag/inflation?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#inflation</a> fears in the US are creeping in once again. We are seeing mentions of <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a> and <a href="https://twitter.com/hashtag/buythedip?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#buythedip</a> calls spiking, which is signaling polarization between traders is back on the menu. <a href="https://t.co/oNOUuPkDvE" target="_blank" rel="">https://t.co/oNOUuPkDvE</a> <a href="https://t.co/4uaWGDF0iU" target="_blank" rel="">pic.twitter.com/4uaWGDF0iU</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1785385533537231014?ref_src=twsrc%5Etfw" target="_blank" rel="">April 30, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>According to analysts, this increase in sentiment indicates renewed polarization among traders. Some are in favor of a buying opportunity, while others remain cautious.</p> 
<p> You might also like: <a href="https://crypto.news/bitcoin-falls-below-57k-market-analysts-doubt-quick-recovery/" rel=""> Bitcoin falls below $57k, market analysts doubt quick recovery </a> </p>

Bitcoin climbs above $60k after US labor market report

crypto.news

Other articles published on May 3, 2024

Transform your PFP NFT into an playable 3D avatar

The Secret Behind How AI-Powered Ethereum Trades Made This Trader a Millionaire

FTX ex-executive Ryan Salame surrenders $5.9M estate in Bahamas

Shibarium Network Enhances Transaction Speed

Losses for 89% of Gary Gensler’s Praised Token Holders

US Employment Figures Propel Bitcoin Price to $62K, Boosting Rate Cut Predictions

Join our free newsletter for daily crypto updates!