Key facts
- Bitcoin traded around $86,100 on Monday morning.
- The cryptocurrency's 100-day EMA has crossed above its 200-day EMA, a stronger bullish signal.
- The 50-day EMA is also above the 200-day EMA, forming a classic golden cross.
- US employers added 29,000 jobs in September, far below expectations.
- US spot bitcoin ETFs saw $189.84 million in net inflows.
- The Fear & Greed Index is at 68, indicating "greed".
Bitcoin traded around $86,100 on Monday morning, struggling to break past a recent swing high of $87,354, but investors have reasons for optimism following a weaker-than-expected US jobs report. The report, released by the Bureau of Labor Statistics, showed that US employers added only 29,000 positions in September, a third of what economists had predicted. Revisions to previous months' data also painted a grim picture, with July revised to a loss of 10,000 jobs and August cut to 133,000. Annual wage growth cooled to 3.0%. This economic slowdown is seen as positive for risk assets like Bitcoin, as it reduces the likelihood of further interest rate hikes by the Federal Reserve. Bond traders' odds for an October hike fell significantly after the report. The Federal Reserve had previously raised rates by a quarter point to 3.75%-4.00% on September 16. The positive sentiment extended to equities, with the S&P 500, Nasdaq, and Dow Jones Industrial Average all closing higher on Friday. US spot bitcoin ETFs recorded $189.84 million in net inflows on the latest daily reading, with total net assets reaching $101.1 billion. The overall crypto market is valued at $2.94 trillion, up 1.36% on the day, and the Fear & Greed Index stands at 68, indicating "greed" among investors.