Following the release of the U.S. labour market report yesterday, Bitcoin has surged above the $60,000 mark, solidifying its position in the market.
The uptick in Bitcoin’s value came on the heels of the U.S. jobs report, which prompted a shift in expectations regarding the Federal Reserve’s interest rate cut timeline, moving it from November to September.
In response to the statistics, Bitcoin witnessed a gain of over 4%, with its value steadily climbing towards $62,000 as per data from CoinMarketCap.
CryptoQuant CEO Ki Young Ju noted that Bitcoin whales had amassed a significant amount of 47,000 BTC in anticipation of the Fed’s report, signalling a notable shift in the market dynamics.
The revised macroeconomic data now suggests the possibility of two rate cuts of 0.25% each in 2024, with the first anticipated in September instead of November before the report’s release.
Bloomberg analysts highlighted the upcoming consumer price dynamics report on May 15 as a crucial factor for investors to monitor closely.
Post the U.S. labour market report unveiling, there was a notable increase in risk appetite across global markets.
The S&P 500 stock index opened with a 1.2% surge, while the cryptocurrency fear and greed index saw a five-point rise, transitioning from the fear zone to the neutral zone.
In contrast, recent days saw Bitcoin dipping below the $60,000 threshold, sparking discussions around the #buythedip hashtag and BTC mentions, particularly in response to inflation concerns in the U.S.
This sentiment shift, as noted by Santiment analysts, suggests a renewed polarization among traders, with some viewing the dip as a buying opportunity while others remain cautious about the market’s direction.
