While Bitcoin continues to trade at the $28,000 limit, eyes are turned to the economic data to be announced today.
US non-farm employment and unemployment will be announced today at 15.30 Turkish time.
The expectation in non-farm employment data is 239k, the previous 311k.
Expectation in unemployment data is 3.6% before 3.6%
The data announced on the first Friday of every month are followed closely to understand the state of the economy.
The Effect of Non-Farm Employment and Unemployment Data on Price
The fact that the non-farm employment data is above expectations is considered as a signal of the economic recovery in that country and has a positive effect on the currency.
Changes in the labor market are very effective on the monetary policy of the FED. The FED, which thinks that the labor market should cool down in addition to the fall in inflation, closely monitors employment data.
With the effect of the banking crisis, the reversing wind in interest rate increases may accelerate in favor of risky assets with lower inflation and employment data.
If the data to be announced at 15.30 comes above 239 thousand, we can see that DXY (dollar index) rises and Bitcoin retreats a little. If it is below 239 thousand, it may cause us to see a pullback in DXY.
Increasing unemployment may cause us to see a sharp pullback in DXY. This will also be positive for Bitcoin.
In both cases, volatility will be high during the minutes when the data is released.
