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Bitcoin has put in a local bottom leading to a bounce into an area that has technical confluence with the VWAP and the .618 Fibonacci. A break back within this area will confirm a local deviation.

In recent news events, in September, the USA Unemployment Rate Dips to 4.1% - Jobs data for September was far stronger than expected.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Wisdom Drop

Bitcoin Price Analysis

Bitcoin has been trading above this local channel at an area of critical resistance where a directional move will be established. Price action is approaching key VWAP Resistance that is in confluence with the .618 Fibonacci.

The VWAP has been pulled from the absolute high of this recent rally, each test from Bitcoin has lead to a rejection and a continuation in the local bearish trend. It is also important to note the .618 Fibonacci is in confluence, this makes this general region a strong resistance area.

If Bitcoin rejects here and closes back within the range, it will confirm a Failed Auction and/or Deviation. This is considered very bearish price action and will increase the probability of a rotation back to the lows of the range 

Bitcoin Insider will continue to monitor these time sensitive price development for the next update.

USA Unemployment Rate Dips to 4.1%

The U.S. economy added 254,000 jobs last month, significantly surpassing the 140,000 jobs economists predicted. Additionally, the job growth for August was revised upward from 142,000 to 159,000. The unemployment rate dropped from 4.2% to 4.1%, against expectations of it remaining at 4.2%.

Following this report, Bitcoin (BTC) traded at around $61,500, marking a 1.5% increase over the last day but still down from the previous week's $66,000, due to recent overbuying and geopolitical tensions.

James Van Straten from CoinDesk commented that a strong U.S. economy could benefit Bitcoin by reducing market uncertainties, especially with the upcoming elections. Hourly earnings rose by 0.4% last month, slightly more than the expected 0.3% but less than the previous month's 0.5%. Year-over-year, wages increased by 4.0%, exceeding forecasts of 3.8%.

Recent economic indicators, including strong service sector and private payroll data, along with comments from Fed Chairman Jerome Powell, have reduced the likelihood of a significant rate cut by the Federal Reserve in November, with chances of a 50 basis point cut now at only 11%.

In response to the robust employment data, U.S. stock futures rose, with the Nasdaq 100 up by 0.8%. The yield on the 10-year U.S. Treasury note increased by 8 basis points to 3.94%, the dollar strengthened by 0.5%, and gold prices fell by 0.5% to $2,665 an ounce.

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Wisdom Drops

Bitcoin Insider bouncing back to work, See you in the next one! 👊