Bitcoin Crashes To 52K on Jobs Data – Bull Flag or Bear Trap? What You Need to Know

The U.S. Bureau of Labor Statistics revealed that non-farm payrolls only grew by 142,000, falling short of the anticipated 160,000. While the unemployment rate held steady at 4.2%, wage growth surged by 0.7% month-over-month and 3.8% year-over-year. This unexpected data triggered a series of market reactions, with Bitcoin briefly soaring past $56,000 before plummeting to $52,530 and then rebounding.The dollar index (DXY) slid to 100, weakening the U.S. currency and potentially contributing to Bitcoin’s temporary rally. Market analysts now estimate a 57% chance of the Federal Reserve implementing a 25 basis point rate cut, a move that could significantly impact both traditional and crypto markets.The volatility caused by these macroeconomic factors led to nearly $50 million in liquidations, highlighting the risks associated with leveraged trading in the crypto space. Despite the turbulence, Bitcoin maintains its position as the top cryptocurrency by market cap, currently valued at $1.1 trillion.

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