Bitcoin Price Remains Above $110,000 Amid Weak U.S. Job Data
The price of Bitcoin increased from below $108,000 to a peak of $113,000 over the past week but faced pressure following U.S. Nonfarm Payrolls data released on September 5. Despite this, Bitcoin maintained its position above the $110,000 mark.
Macro Shift and BTC Price Rally
- Market analysis by XWIN Research Japan indicates weak labor data may trigger a bullish trend for Bitcoin.
- Historical patterns show rising unemployment can lead to capital influx into cryptocurrencies.
- Stablecoin reserves rose from $30 billion to $50 billion as investors anticipated Federal Reserve interest rate cuts.
- Recent stablecoin exchange reserves reached $58.5 billion, with depositing addresses frequently surpassing 30,000 BTC.
- XWIN notes this reflects broader market participation, indicating readiness for a favorable policy shift.
- Weak jobs data could set the stage for a new rally in Bitcoin prices.
Current Bitcoin Price
The current price of Bitcoin is approximately $110,780, with a nearly 3% increase over the past week according to CoinGecko.
