JThe crypto space has been largely captivated, forcing the price to remain consolidated at around $20,000. As BTC price manages to close in on the upper resistance, an external factor is hitting the crypto space to create roughness. Markets that crashed with the interest rate announcement should also recover as US employment rates normalize.
An investment manager at popular investment firm AlphaTraI recently said that rising US jobs report values could create a domino effect in the markets, which could cause the price of BTC to drop. its lowest level in 2 years.
However, the new data points to job growth in the US, which can be seen as a bullish factor for the crypto space.
According to the report, total employment in the United States increased by 315,000 against the 300,000 expected in August. The unemployment rate rose to 3.7% as notable employment gains were recorded in professional and business services, health care and retail trade. Additionally, the US Dollar notably fell with the release of the data, which is a bullish case for the crypto space.
With high employment rates, Bitcoin (BTC) price is also gaining ground as buying pressure slowly builds. However, some analysts still believe this is a short-term bounce and the asset might be ready to fall after hitting resistance levels near $21,000.
As a conclusion, BTC price still looks set to mark lows below $18,000 before triggering a significant jump.