Bitcoin’s price has surged above $60,000 after the latest U.S. labor market report was released today. The increase in Bitcoin’s value came shortly after the publication of the U.S. jobs report, which led to a shift in expectations regarding the Federal Reserve’s interest rate cut timeline from November to September.
Following the release of the statistics, Bitcoin saw a gain of over 4% and is now on track to reach $62,000, as per data from CoinMarketCap. According to CryptoQuant CEO Ki Young Ju, Bitcoin whales have accumulated 47,000 BTC in anticipation of the Fed’s report.
The macroeconomic data has caused a revision in expectations for the Fed’s key interest rate trajectory in 2024. Instead of one cut, the market is now factoring in two cuts of 0.25% each, with the first expected in September rather than November as previously anticipated.
Analysts at Bloomberg have pointed out that the upcoming report on consumer price dynamics on May 15 will be crucial for investors. The release of the U.S. labor market report has also led to an increase in risk appetite in global markets. The S&P 500 stock index opened with a 1.2% increase, while the cryptocurrency fear and greed index rose by five points, shifting from the fear zone to the neutral zone.
Recent fluctuations in BTC’s price saw it dip below the $60,000 mark. Santiment analysts noted that discussions around the hashtag #buythedip and mentions of BTC surged in response to the U.S. data release. This increase in sentiment suggests a renewed polarization among traders, with some seeing it as a buying opportunity and others remaining cautious.