Bitcoin price stayed above $35,500, following the Federal Reserve’s decision to hold interest rates. The US economy is expected to have added 180,000 Nonfarm Payrolls in October, after a nearly double increase in September. An upside or downside surprise in the October NFP report could influence traders’ short-term outlook on BTC price.
This implies that the Nonfarm Payrolls figure could feed into the decision to keep interest rates higher for longer or introduce a rate hike before the end of 2023. The market’s expectation is that the US economy may have added 180,000 Nonfarm payrolls in October. September’s report came in at nearly double the market’s expectations and indicated an addition of 336,000 jobs. Bitcoin price could experience a pullback in the event of an upside shock in October’s NFP release.
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