Bitcoin (BTC) inched higher at the Aug. 4 Wall Street open as mixed United States unemployment data rocked U.S. dollar strength.
U.S. unemployment gives mixed picture
Data from Cointelegraph Markets Pro and TradingView followed BTC price action as BTC/USD set daily highs of $29,273.
U.S. jobless figures came in below expectations on the day, at 3.5% versus an estimated 3.6%, while the number of jobs added was less than forecast.
Responding, financial commentator Holger Zschaepitz said that the data had “no clear message.”
“Despite the fastest rising rates of all time, the labor market remains strong,” financial commentary resource The Kobeissi Letter continued in part of its own synopsis.
“This is the most resilient labor market in history.”
While U.S. stocks and Bitcoin managed to eke out modest gains as a result, the U.S. dollar felt the pressure in what could still aid a more pronounced BTC price rebound.
The U.S. Dollar Index (DXY) was down 0.6% on the day at 101.8, setting new lows for August.
For Michaël van de Poppe, founder and CEO of trading firm Eight, there was reason to believe that BTC/USD could improve into the next round of macroeconomic data releases.
“This means $DXY down, stocks up & Bitcoin potentially up awaiting CPI next week,” he wrote about the jobs data.
Van de Poppe referenced the upcoming Consumer Price Index inflation print for June, due Aug. 10.
BTC price range to stick into weekend, says trader
Turning to Bitcoin itself, popular trader Skew tracked rash moves among traders as brief BTC price volatility appeared.
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$BTC
Short taken out, some short float left still https://t.co/fVvHhrVr1y pic.twitter.com/zARYYyIZy8— Skew Δ (@52kskew) August 4, 2023
He nonetheless described the broader market reaction to the data as “very interesting.”
On-chain monitoring resource Material Indicators likewise followed changes in bid and ask liquidity on the Binance BTC/USD order book.
Was watching the #Bitcoin PA in real time on #FireCharts 2.0 (beta) as the Economic Reports came across the wire. Purple Whales started eating resistance as the numbers came in, then a column of bids and asks were pulled and a few minutes later moved.
Out of respect and… pic.twitter.com/5bjloZM7DW
— Material Indicators (@MI_Algos) August 4, 2023
Going into the weekend, few expected a significant change in the overall sideways trading environment.
“I feel we will be stuck above this support zone for this weekend. For now no entry for now as we just remain range bound,” a typical prediction from popular trader Crypto Tony read earlier in the day, alongside a chart showing relevant levels.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
