Here's Why the US NFP Could Increase BTC by 10% Today

In advance of the US non-farm payrolls and unemployment rate on November 4, the price of bitcoin is consolidating in a constrained trading range of $20,000 to $20,400. Similar to Bitcoin, the price of Ethereum is steady, swinging between gains and losses around $1,548 as traders wait for the big game to start putting their bets.

The global cryptocurrency market increased by 0.17% to $1.01 trillion on November 4 as major cryptocurrencies traded in a varied manner early in the day. On contrast, the entire volume of the crypto market dropped by 22% in the previous day to reach $79 billion.

DeFi saw $5.67 billion in total volume, or 7% of the total 24-hour volume in the cryptocurrency market. Stablecoin activity totaled $72 billion, or 91% of the total 24-hour volume of the cryptocurrency market.

The market will be anticipating the release of American non-farm payroll figures on November 4 for the time being.

The crypto market had a sharp decline once the Fed said it would be raising interest rates, but the losses were temporary as most coins quickly recovered to their pre-FOMC trading levels.

Since the Fed was generally expected to increase interest rates by 75 basis points, a large portion of that increase had already been priced in, limiting the losses in the cryptocurrency market.

The mixed message left the door open for future rate hikes of smaller magnitude as well as flexibility for additional rate increases if inflation did not start to drop.

This might be a sign that the Federal Reserve would discontinue its cycle of quarter-point increases in December and switch to a slower rate of increase, perhaps of half a percentage point.

The US Bureau of Labor Statistics reports that September 2022's 263K growth was the smallest since April 2021. However, it was still more than the 250K amount that the market had anticipated.

The manufacturing industry added the most new employment (50K), then the health care industry (60K), then professional and business services (46K), and finally the leisure and hospitality industry (83K) (22K).

The reading decreased from an average of 439K in the first eight months of the year as rising prices and interest rates started to have an effect on the economy. Because of the outbreak, employment has increased by about 500K, indicating a tight labor market.

The unemployment rate in the United States decreased to 3.5% in September 2022, matching the 29-month low reached in July, and remained below market expectations of 3.75%, providing another evidence of the tight labor market conditions in the largest economy in the world.

In September, the labor force increased by 204 thousand to 158.9 million, while the unemployment rate decreased by 261,000 to 5.75 million. The proportion of those actively looking for work decreased from 62.4% to 62.3%.

Bitcoin may increase in value today due to forecasts that the US unemployment rate will increase from 3.5% to 3.6% and that the US economy will create fewer jobs (about 197K vs. 263K last month).

The price of one bitcoin is currently $20,369, and its 24-hour trading volume is $42 billion. Less than 0.50% of Bitcoin was up throughout the Asian session. With a live market cap of $390 billion, which is basically unchanged from yesterday's statistics, it presently holds the top spot on CoinMarketCap.

After recovering from a crucial support level of $20,000, the BTC/USD pair is now trading favorably (Psychological level). Closing candles above this level most likely portend the continuation of the BTC rise.

The descending triangle pattern that Bitcoin has produced on the 4-hour timescale is anticipated to provide support for the cryptocurrency close to $20,000 while also acting as immediate resistance at $20,400.

The $20,400 resistance level may be broken by an increase in BTC demand, allowing access to the $20,700 and $21,000 resistance levels.

Investors might consider staying negative below $20,400/$20,500, though, as the MACD and RSI are still in the sell zone. This suggests that BTC can find support near $20,000, and that if this level is breached, further selling may occur until $19,700 or $19,400.

Ethereum's price is $1,552 at the moment, with a $13 billion 24-hour trading volume, down from $24 yesterday. Ethereum has risen roughly 3% over the past week.

With a current market value of $189 billion, down from $190 billion yesterday, Ethereum is now placed second on CoinMarketCap.

The $1,500 support level, which is being stretched by the symmetrical triangle formation, was tested by the ETH/USD pair on Friday.

A 50-day moving average that extends past $1,560 continues to be the first line of resistance for ether. ETH might reach $1,625 or $1,660 if a symmetrical triangle bullish breakout occurs.

The risk is that ETH can drop below $1,480 or $1,404 today if closing candles close below $1,500.

The company has also confirmed that the D2T token will be offered for the first time on the LBANK Exchange in light of the announcement that the Dash 2 Trade presale raised more than $4.6 million. These accomplishments occurred less than two weeks after the beginning of its open token sale, indicating a large amount of investor interest in its trading intelligence platform.

After the second of nine presale phases, Dash 2 Trade (D2T) will be listed on LBANK Exchange. In the first quarter of 2023, Dash 2 Trade, a cutting-edge dashboard and intelligence platform, is expected to be made available.

D2T has captured the attention of cryptocurrency investors all across the world, bringing in more than $4.6 million during its presale.

By fLEXI tEAM