David - Cryptocurrency Enthusiast
On August 4, Bitcoin experienced a minor uptick during the Wall Street opening as it reacted to mixed US unemployment data, impacting the strength of the US dollar.
BTC/USD reached daily highs of $29,273, while US jobless figures came in slightly below expectations at 3.5%, as opposed to the estimated 3.6%. Additionally, the number of jobs added was lower than forecasted, leading to varied interpretations of the data's implications.
Financial commentator Holger Zschaepitz noted that the data had "no clear message," while The Kobeissi Letter emphasized the labor market's resilience, dubbing it the most robust in history.
Despite the mixed signals, both US stocks and Bitcoin managed to achieve modest gains, whereas the US dollar faced pressure, potentially paving the way for a more pronounced Bitcoin price rebound.
The US Dollar Index (DXY) dropped by 0.6% to 101.8, hitting new lows for August. Michaël van de Poppe, founder and CEO of trading firm Eight, suggested that BTC/USD could see further improvements as the macroeconomic data continues to unfold. He pointed to the upcoming Consumer Price Index inflation print for June, scheduled for August 10, as a key factor to watch.
While some traders noted brief trusted Bitcoin price volatility, the overall market response was deemed "very interesting." On-chain monitoring resource Material Indicators closely monitored liquidity changes on the Binance BTC/USD order book.
Looking ahead, the market expects the Bitcoin price to remain range-bound heading into the weekend. Popular trader Crypto Tony predicted that BTC would likely remain above a specific support zone during this period, suggesting a continuation of the current sideways legal cryptocurrency trading environment.
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