Bitcoin Price Taps $29.3K as US Jobs Market Proves ‘Most Resilient’ .

• Bitcoin price taps $29.3K as data shows ‘most resilient’ US jobs market
• U.S. unemployment gives mixed picture, with jobless rate below expectations and fewer new jobs than forecasted
• Market commentators point to further potential upside for BTC/USD, with upcoming Consumer Price Index inflation print due Aug. 10

Bitcoin Price Reaches $29.3K

Bitcoin’s price reached a high of $29,273 at the Wall Street open on August 4th following mixed United States unemployment data which rocked U.S. dollar strength. The jobless rate was lower than expected at 3.5%, while the number of jobs added was less than forecasted, making the labor market resilient despite rising rates.

US Dollar Index (DXY)

The US Dollar Index (DXY) dropped 0.6% to 101.8 on the day, setting new lows for August and potentially aiding a more pronounced Bitcoin price rebound in the near future as its value continues to rangebound slightly above its current position around $29k USD per coin.

Consumer Price Index Inflation Print

Financial commentator Holger Zschaepitz noted that the data had “no clear message” while Michaël van de Poppe suggested that BTC/USD could improve into the next round of macroeconomic data releases – specifically pointing towards the upcoming Consumer Price Index inflation print for June due August 10th which could provide further bullish momentum for Bitcoin’s current uptrend if it comes in favourably to the cryptocurrency market overall as expected by many analysts watching its recent behaviour closely..

Market Commentary

The Kobeissi Letter commented that this is “the most resilient labor market in history” with further positive sentiment coming from van de Poppe who believes that this means $DXY down, stocks up & Bitcoin potentially up awaiting CPI next week after another successful day of trading so far today within reasonable ranges for both buyers and sellers alike across all major cryptocurrency exchanges worldwide where liquidity remains relatively high compared to previous weeks and months this year since reaching an all time high back in February 2020 just before key markets crashed suddenly due to external economic factors outside of crypto’s control like Covid-19 pandemic related restrictions amongst other things affecting global stock markets during this period too now slowly recovering gradually over time as confidence begins returning once again slowly but surely..

Conclusion

In conclusion, although there is no clear message regarding U.S.’s labour market yet, it looks like investors remain positive about future prospects given promising signs such as Consumer Price Index inflation print due Aug 10th which could potentially drive further upside price action should it come out favourably towards crypto markets overall according to many analysts watching Bitcoin’s recent behaviour closely right now during these uncertain economic times we are currently living through together globally without any real end in sight until vaccines become available widely enough throughout world populations soon hopefully sooner rather than later allowing us all some much needed relief after such testing times recently endured by all without exception unfortunately during these last few months especially economically speaking around globe affecting everyone directly or indirectly somehow one way or another sadly unavoidably so sadly still…