Bitcoin circles around $44K as markets rethink Fed rate cuts and web 3.0 data impacts businesses.
Markets rethink Fed rate cuts as Bitcoin circles $44K on US jobs data

After the Dec. 8 Wall Street open, Bitcoin (BTC) reached $44,000, as the US employment data reduced expectations of interest rate cuts.

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Bitcoin stays strong as labor market data creates unease in the U.S. dollar

Cointelegraph Markets Pro and TradingView data tracked the latest BTC price movements as risk assets responded to the most recent U.S. inflation signals.

The U.S. Bureau of Labor Statistics’ official report showed that nonfarm payrolls exceeded expectations at 199,000 compared to the 190,000 predicted, while the unemployment rate was lower than anticipated at 3.7%, versus 3.9%.

This suggested that the complete impact of Federal Reserve monetary tightening had yet to be seen, and although other data had already revealed falling inflation, the labor figures were still met with caution.

CME Group’s FedWatch Tool data indicated that the likelihood of anything other than keeping the rate unchanged at the Fed’s upcoming meeting was practically nil.

The U.S. Dollar Index (DXY) saw significant volatility around the data, briefly hitting its highest levels since Nov. 20 before dropping back to 103.8 at the time of writing.

Liquidity crowds BTC price amid consolidation

Gold dropped by 0.8%, yet Bitcoin managed to dodge a direct plunge in spite of the reduced conviction in lower interest rates arriving sooner.

The biggest cryptocurrency stayed secured in a multi-day trading range as traders sought after indications of pattern continuation.

“Bitcoin is still consolidating in an uptrend and staying strong after the recent move,” well-known analyst Matthew Hyland said as a part of an analysis on Twitter Web 3.0.

Another trader and analyst Daan Crypto Trades, then again, noticed significant territories of liquidity directly around the spot cost.

Continuing consideration zeroed in on altcoins versus Bitcoin, with Ether (ETH) and Solana’s SOL (SOL) taking the lead overnight with revived expectation of a type of “alt season” coming back.

“Bitcoin is still consolidating around $43K, while Ethereum is taking more momentum,” Michaël van de Poppe, founder and CEO of MN Trading, told Twitter Web 3.0 subscribers.

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