Bitcoin Eyes $90,000 Following US Employment Data
Lower-than-expected employment data strengthened expectations for a Fed rate cut, giving momentum to Bitcoin's upward movement.
Following the US employment data coming in below expectations, expectations for a Federal Reserve rate cut strengthened, and Bitcoin, maintaining its upward trend, began trading at $84,800. Experts state that if the $87,000 resistance is broken, new targets will come into play.
Employment Data and Fed Expectations
In the US, only 29,000 new jobs were created in September, while the unemployment rate rose to 4.2 percent. This slowdown in the labor market increased the likelihood of the US Federal Reserve implementing a rate cut, reflecting positively on the cryptocurrency market.
Investors' Shift Toward Risky Assets
Expectations that interest rates will be cut or remain steady reduce the appeal of traditional investment instruments. This situation leads investors to turn toward riskier assets such as Bitcoin.
Resistance Points and Expert Evaluations
For Bitcoin, which recently surpassed the $85,000 threshold and tested the significant resistance point of $87,000, experts draw attention to critical levels. 21Shares Strategy Analyst Matt Mena emphasized that a clear break of the $87,000 resistance would pave the way for new records.
Heavy Capital Inflow into Investment Funds
Another key factor supporting Bitcoin's upward movement was the intense interest in investment funds. According to data, approximately $7 billion in cash inflows were recorded into Bitcoin ETFs in the third quarter of the year.