US payrolls rise just 29,000 in September, can Bitcoin price rally?
Bitcoin could get more room to recover after U.S. nonfarm payrolls rose by just 29,000 in September, well below forecasts, adding to expectations that the Federal Reserve may hold interest rates steady at its October meeting. According to Reuters, payrolls rose by 29,000 last month after Augusts gain was revised down to 133,000 from the 162,000 initially reported. Economists surveyed by the news agency had expected 90,000 new jobs. The unemployment rate edged up to 4.2% from 4.1%. The weak headline arrived at a sensitive point for Bitcoin. BTC had already climbed past $85,000 before the release as traders cut expectations for another immediate Fed rate hike, while short sellers closed positions during the move. Bitcoin was trading toward $86,000 in the hours leading up to the jobs report, leaving the market within reach of the $87,000 to $87,500 area that has repeatedly limited gains over the past two weeks. A weaker labor market could give the Fed another reason to wait after raising its benchmark rate by 25 basis points in September. For Bitcoin, the immediate question is whether lower rate expectations can pull Treasury yields down enough to ease some of the macro pressure that has repeatedly interrupted its recent rallies. Weak payrolls









