As the dawn broke on Wall Street this August 4th, Bitcoin, coyly wavering around $29,039, tiptoed upward while the U.S. dollar flexed under the weight of perplexing U.S. unemployment figures.
A medley of U.S. unemployment stats has been painting a rather puzzling picture. A microscopic peek at BTC/USD during the day revealed a peak performance of $29,273, thanks to data coming hot off the press from Cointelegraph Markets Pro and TradingView.
Like a curveball, the U.S. jobless stats came in under the radar, at a mere 3.5% compared to the anticipated 3.6%. Moreover, the tally of jobs added fell a tad short of the prediction. Commenting on this surprising turn of events, financial guru Holger Zschaepitz was somewhat stumped, declaring the data “as clear as mud.”
Yet despite skyrocketing rates unlike anything we’ve seen before, The Kobeissi Letter, a financial commentary resource, insists that the job market isn’t about to tap out. They’ve boldly labeled it “the Hercules of all labor markets.”
Meanwhile, U.S. stocks and Bitcoin have somehow pulled a rabbit out of the hat, delivering subtle gains while the U.S. dollar rides a rollercoaster, a scenario that could potentially fan the flames for a stronger BTC price comeback.
The U.S. Dollar Index (DXY) found itself in a bit of a pickle, dipping 0.6% and hitting a new low for August at 101.8. According to him, this spells out a simple equation: “$DXY down, stocks up & Bitcoin potentially up, especially with the CPI looming next week,” Van de Poppe explained, referencing the forthcoming Consumer Price Index inflation announcement slated for August 10th.
Now, flipping back to Bitcoin, popular trader Skew noted some jittery movements among traders as the cryptocurrency showcased brief bouts of price turbulence.
As the weekend looms, many are betting that the status quo will hold, with Bitcoin continuing to tread water. Popular trader Crypto Tony echoed this sentiment earlier in the day, saying, “I reckon we’ll be stuck hovering over this safety net for the weekend. I’m staying on the sidelines for now as we’re stuck in a loop,” sharing a chart to support his prediction.