Bitcoin is at $28K as US jobs data boosts the Federal Reserve’s new bets on raising interest rates

City says 7,000 summer jobs are available for Boston youth ages 14 to 18

Bitcoin (BTC) showed little interest in moving higher at the Wall Street open on April 7 as fresh US macro data boosted bets for an interest rate hike.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Analyst: Fed will keep rising ‘until something happens’

Data from Cointelegraph Markets Pro and TradingView BTC/USD followed as it drifted around $27,900 on Bitstamp.

The US nonfarm payrolls, which was the main focus of this week’s macro data, came in slightly below expectations, indicating that the unemployment rate is rising more slowly than expected.

This, in turn, has fueled market expectations that the Federal Reserve will continue to raise interest rates to combat inflation – to the detriment of the performance of cryptocurrencies and risky assets.

Possibilities of another 25 basis point rate hike in May topped up 70% per day, according to CME Group’s FedWatch tool, after previously spinning at 50%.

“Another strong jobs report. Likely to spark speculation of a 25 basis point hike in May,” analytics resource Tedtalksmacro reaction on Twitter.

Federal goal rate odds chart. Source: CME Group

Caleb Franzen, Senior Market Analyst, Cubic Analytics, I finish This and other recent employment data showed that there were “no significant gaps in labor market data (so far)”.

“They will keep working until something breaks,” he said I continued on Fed policy in part of a follow-up analysis on Twitter.

“So far, the banks are chilling and the intervention has worked. Depositors are not worried. The labor market remains very resilient and inflation is very high, although it has slowed. The deinflation process is fully under way, but the Fed is bound by their own handcuffs.”

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Just before the report, monitor material resource indicators uploading has been done Order book data from Binance, which showed liquidity strengthening near the spot price.

This, as Cointelegraph reported the day before, could have further “curbed” volatility.

BTC/USD order book data (Binance). Source: Material Indicators / Twitter

The dollar rebounds with stocks

Elsewhere, US stocks traded higher on the day, with the S&P 500 and Nasdaq Composite up 0.4% and 0.8%, respectively, at the open.

Related: Bitcoin ‘Faces a Headwind’ as US Money Supply Drops Most Since the 1950s

The US dollar managed an uncharacteristic rebound, meanwhile, heading back above the 102 mark, hitting multi-day highs.

“The strength of the US dollar continues to show a new high after the non-farm payrolls report,” said analyst James Stanley. books In part from Twitter’s response.

“$DXY reacts strongly to data that isn’t necessarily all that powerful.”

US Dollar Index (DXY) candlestick chart. Source: TradingView

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