Bitcoin holds steady above $35,500 as traders anticipate impact of US jobs report By Investing.com

Bitcoin’s price has remained steady above $35,500 on Binance following the Federal Reserve’s decision to keep interest rates unchanged. The cryptocurrency market is closely watching the upcoming US Nonfarm Payrolls (NFP) report for October, which is expected to significantly influence Bitcoin’s short-term price movement.

Traders are bracing for potential market volatility in response to the NFP report. The Federal Reserve’s data-driven approach to interest rate decisions has had a positive effect on Bitcoin’s price, suggesting that the October NFP report could play a key role in determining whether interest rates remain high or increase before 2023 ends. Market forecasts predict an addition of 180,000 Nonfarm payrolls in October.

A higher-than-expected increase in the NFP report could lead to a temporary pullback in Bitcoin’s price. However, a quick recovery is anticipated due to bullish sentiment fueled by the potential approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC).

The anticipation surrounding these economic indicators underscores their significant impact on cryptocurrency markets. As traders prepare for these events, they will be keenly monitoring any shifts in Bitcoin’s price and market sentiment.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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