{"id":11359,"date":"2023-04-07T14:20:14","date_gmt":"2023-04-07T14:20:14","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=11359"},"modified":"2023-04-07T14:20:15","modified_gmt":"2023-04-07T14:20:15","slug":"bitcoin-rests-at-28k-as-us-jobs-data-boosts-new-fed-rate-hike-bets","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11359","title":{"rendered":"Bitcoin rests at $28K as US jobs data boosts new Fed rate hike bets"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) showed little interest in moving higher at the April 7 Wall Street open as fresh United States macro data boosted bets on further interest rate hikes.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Analyst: Fed will keep hiking &#8220;until something breaks&#8221;<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it drifted around $27,900 on Bitstamp.<\/p>\n<p>U.S. nonfarm payrolls figures, the main macro data focus of the week, came in slightly below expectations, indicating unemployment rising more slowly than predicted.<\/p>\n<p>This in turn raised market expectations that the Federal Reserve would persist in raising interest rates to combat inflation \u2014 at the expense of crypto and risk asset performance.<\/p>\n<p>The odds of another 25-basis-point rate hike in May topped 70% on the day, according to CME Group\u2019s FedWatch Tool, having previously circled 50%.<\/p>\n<p>\u201cAnother strong jobs report. Likely fuels speculation of a 25bps hike in May\u2026,\u201d analytics resource Tedtalksmacro reacted on Twitter.<\/p>\n<p><em>Fed target rate probabilities chart. Source: CME Group<\/em><\/p>\n<p>Caleb Franzen,\u00a0senior market analyst at Cubic Analytics, concluded that this and other recent employment data showed that there were not &#8220;any major holes in the labor market data (yet).&#8221;<\/p>\n<p>&#8220;They&#8217;re going to keep going until something breaks,&#8221; he continued about Fed policy in part of Twitter follow-up analysis.<\/p>\n<p>&#8220;So far, the banks are chilling &amp; intervention has worked. Depositors aren&#8217;t worried. The labor market is still too resilient and inflation is too high, though it&#8217;s decelerating. Disinflation is fully underway, but the Fed is bound by their own handcuffs.&#8221;<\/p>\n<p><strong><em>Related: Crypto winter can take a toll on hodlers\u2019 mental health<\/em><\/strong><\/p>\n<p>Just ahead of the report, monitoring resource Material Indicators uploaded order book data from Binance, which showed strengthening liquidity nearer spot price. <\/p>\n<p>This, as Cointelegraph reported the day prior, was apt to further \u201cdampen\u201d volatility.<\/p>\n<p><em>BTC\/USD order book data (Binance). Source: Material Indicators\/ Twitter<\/em><\/p>\n<h2>Dollar bounces with stocks<\/h2>\n<p>Elsewhere, U.S. equities traded up on the day, with the S&amp;P 500 and Nasdaq Composite Index gaining 0.4% and 0.8%, respectively at the open.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin \u2018faces headwinds\u2019 as US money supply drops most since 1950s<\/em><\/strong><\/p>\n<p>The U.S. dollar managed an uncharacteristic copycat bounce, meanwhile, heading back above the 102 mark to hit its highest levels in several days.<\/p>\n<p>&#8220;$USD strength still showing up fresh higher-high after the NFP report,&#8221; analyst James Stanley wrote in part of a Twitter response.<\/p>\n<p>&#8220;$DXY reacting with strength to data that isn&#8217;t necessarily all that strong.&#8221;<em>U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-rests-at-28k-as-us-jobs-data-boosts-new-fed-rate-hike-bets\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) showed little interest in moving higher at the April 7 Wall Street open as fresh United States macro data boosted bets on further interest rate hikes. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst: Fed will keep hiking &#8220;until something breaks&#8221; Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it drifted [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11359"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11359\/revisions"}],"predecessor-version":[{"id":11361,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11359\/revisions\/11361"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11360"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}