{"id":12731,"date":"2023-08-04T15:35:36","date_gmt":"2023-08-04T15:35:36","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12731"},"modified":"2023-08-04T15:35:37","modified_gmt":"2023-08-04T15:35:37","slug":"bitcoin-price-taps-29-3k-as-data-shows-most-resilient-us-jobs-market","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12731","title":{"rendered":"Bitcoin price taps $29.3K as data shows \u2018most resilient\u2019 US jobs market"},"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) inched higher at the Aug. 4 Wall Street open as mixed United States unemployment data rocked U.S. dollar strength.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>U.S. unemployment gives mixed picture<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC price action as BTC\/USD set daily highs of $29,273.<\/p>\n<p>U.S. jobless figures came in below expectations on the day, at 3.5% versus an estimated 3.6%, while the number of jobs added was less than forecast.<\/p>\n<p>Responding, financial commentator Holger Zschaepitz said that the data had \u201cno clear message.\u201d<\/p>\n<p>\u201cDespite the fastest rising rates of all time, the labor market remains strong,\u201d financial commentary resource The Kobeissi Letter continued in part of its own synopsis. <\/p>\n<p>\u201cThis is the most resilient labor market in history.\u201d<\/p>\n<p>While U.S. stocks and Bitcoin managed to eke out modest gains as a result, the U.S. dollar felt the pressure in what could still aid a more pronounced BTC price rebound.<\/p>\n<p>The U.S. Dollar Index (DXY) was down 0.6% on the day at 101.8, setting new lows for August.<\/p>\n<p><em>U.S. Dollar Index (DXY) 1-day chart. Source: TradingView<\/em><\/p>\n<p>For Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, there was reason to believe that BTC\/USD could improve into the next round of macroeconomic data releases.<\/p>\n<p>\u201cThis means $DXY down, stocks up &amp; Bitcoin potentially up awaiting CPI next week,\u201d he wrote about the jobs data.<\/p>\n<p>Van de Poppe referenced the upcoming Consumer Price Index inflation print for June, due Aug. 10.<\/p>\n<h2>BTC price range to stick into weekend, says trader<\/h2>\n<p>Turning to Bitcoin itself, popular trader Skew tracked rash moves among traders as brief BTC price volatility appeared.<\/p>\n<p><strong><em>Related:\u00a0BTC price upside \u2018yet to come\u2019 at $29K after Bitcoin RSI reset \u2014 Trader<\/em><\/strong><\/p>\n<p lang=\"en\" dir=\"ltr\">$BTC <br \/>Short taken out, some short float left still https:\/\/t.co\/fVvHhrVr1y pic.twitter.com\/zARYYyIZy8<\/p>\n<p>\u2014 Skew \u0394 (@52kskew) August 4, 2023<\/p>\n<p>He nonetheless described the broader market reaction to the data as \u201cvery interesting.\u201d<\/p>\n<p>On-chain monitoring resource Material Indicators likewise followed changes in bid and ask liquidity on the Binance BTC\/USD order book.<\/p>\n<p lang=\"en\" dir=\"ltr\">Was watching the #Bitcoin PA in real time on #FireCharts 2.0 (beta) as the Economic Reports came across the wire. Purple Whales started eating resistance as the numbers came in, then a column of bids and asks were pulled and a few minutes later moved. <\/p>\n<p>Out of respect and\u2026 pic.twitter.com\/5bjloZM7DW<\/p>\n<p>\u2014 Material Indicators (@MI_Algos) August 4, 2023<\/p>\n<p>Going into the weekend, few expected a significant change in the overall sideways trading environment. <\/p>\n<p>\u201cI feel we will be stuck above this support zone for this weekend. For now no entry for now as we just remain range bound,\u201d a typical prediction from popular trader Crypto Tony read earlier in the day, alongside a chart showing relevant levels.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Crypto Tony\/Twitter<\/em><\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Experts want to give AI human \u2018souls\u2019 so they don\u2019t kill us all<\/em><\/strong><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><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-price-293-data-resilient-us-jobs-market\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) inched higher at the Aug. 4 Wall Street open as mixed United States unemployment data rocked U.S. dollar strength. BTC\/USD 1-hour chart. Source: TradingView U.S. unemployment gives mixed picture Data from Cointelegraph Markets Pro and TradingView followed BTC price action as BTC\/USD set daily highs of $29,273. U.S. jobless figures came in below [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12731","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\/12731","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=12731"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12731\/revisions"}],"predecessor-version":[{"id":12733,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12731\/revisions\/12733"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12732"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}