Bitcoin Has Successfully Achieved A Six-Week High, Evades Impact From US Jobs Data

In the latest trading session, Bitcoin’s trading price has continued moving higher. The recent session saw that the price of Bitcoin notched higher, which was due to the release of the jobs data in the US.

Above Estimation Jobs Data

The Feds recently shared jobs data for the United States, which was significantly higher than the expectations set in the first place.

The jobs data that came out was for the month of October and as a result, Bitcoin’s price surged. This was quite the sight for the investors as Bitcoin’s price continued rising despite the rise in the dollar’s value.

This is not just a great signal for Bitcoin but also a great sight for the entire US economy. The jobs data that has come out for the month of October is quite healthy.

The most surprising factor is that despite the pressure being exerted by the Feds to control the economy, the job data has remained robust.

Bitcoin Price Action

The report shows that on Friday, the trading price of Bitcoin was able to reach the $21,287 checkpoint. This is the highest point Bitcoin has managed to hit in almost two months.

The last time the price of Bitcoin reached such a high trading mark was back on September 13. At the time of writing, the trading price of Bitcoin is below the $21k barrier but it is still flying high.

The data shows that the trading price of Bitcoin is currently hovering at $20,790. The same level of growth has been recorded in the market capitalization of the largest cryptocurrency.

The price chart shows that in the past 24 hours, Bitcoin price has recorded a 2.5% surge.

Ether Price Action

Bitcoin is not the only cryptocurrency that has proven to be a beautiful sight to investors. Ether (ETH) seems to have performed even better than Bitcoin in the past 24 hours.

A look at ETH’s price chart shows it has recorded a 5.6% surge in the past 24 hours. At the time of writing, the trading price of ETH is hovering at $1,620.

On the other hand, the traditional markets have also demonstrated strong performance. The report shows that the traditional markets recorded a 0.2% surge on Friday.

Positive Data Helped the USD

As the Feds shared positive data for employment for the month of October, it was an indication that they would continue increasing the interest rates.

As expected, the Feds announced a 75 bps hike in the interest rates. This meant that the price of the USD would grow stronger, which eventually ended up happening.

However, BTC was not impacted by the strengthening of the dollar as its value also continued surging. This means that as the economy is recovering, investors are also regaining their confidence in crypto.

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