The crypto space has been largely captivated which compels the price to remain consolidated at around $20,000. While the BTC price manages to make it towards the upper resistance, an external factor stikes the crypto space to create roughness. The markets which collapsed with the announcement of the interest rates are also expected to recover as the US employment rates normalize.
A chief investment officer at AlphaTraI, a popular investment firm, recently said that the heightened value of the US jobs report could create a domino effect in the markets that could drag the price of BTC to a 2-year low.
However, the fresh data signifies a growth in employment within the state of the US which may be considered a bullish factor for the crypto space.
As per the report, total US employment increased by 315K against the expected 300K in August. The unemployment rate rose to 3.7% as notable job gains were recorded in professional and business services, health care and retail. Furthermore, the US dollar notably dropped with the release of the data, which is a bullish case for the crypto space.
With the employment rates standing elevated, Bitcoin(BTC) price is also gaining traction as the buying pressure is slowly accumulating. However, some analysts still believe it to be a short-term bounce and the asset may be primed to drop hard after reaching close to $21,000 resistance levels.
On a closing note, BTC price is still poised to mark a level below $18,000 before igniting a significant rally.
