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Bitcoin Price Surges Above $28,000 After Strong US Jobs Data


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BTC price has soared above $28,000, reaching its highest level since Aug, after the US reported better-than-expected jobs data for September. The positive economic outlook could boost the demand for BTC as a hedge against inflation and currency devaluation.

 

According to the Bureau of Labor Statistics (BLS), the US added 336,000 jobs in September, beating the consensus estimate of 318,000. The unemployment rate remained unchanged at 3.8%, the lowest since March 2020.

The strong jobs data could increase the chances of the Federal Reserve tapering its bond-buying program and raising interest rates sooner than expected. However, the inflation data for September, which will be released on October 12, could also influence the Fed's decision.

How will the inflation data affect BTC price?

Inflation is one of the key drivers of BTC price, as many investors see BTC as a store of value and a hedge against rising prices. The higher the inflation, the more attractive BTC becomes as an alternative asset.

However, high inflation could also prompt the Fed to tighten its monetary policy, which could put downward pressure on BTC price. The Fed has said that it will tolerate inflation above its 2% target for some time, but it will not let it run out of control.

Therefore, the September inflation data could have a significant impact on BTC price movement in the coming days. If the inflation data is lower than expected, it could ease the pressure on the Fed to act quickly and support BTC price. If the inflation data is higher than expected, it could increase the urgency for the Fed to act and weigh on BTC price.

What are the key levels to watch for BTC price?

According to order flow analysis from MobChart, BTC price could face resistance at $28,500, $29,000, and $29,500 levels, where there are large sell orders waiting. On Binance Exchange alone, there are 145 and 157 BTC for sale at $28,500 and $29,000 levels respectively.

On the other hand, BTC price could find support at $27,200 and $27,000 levels, where there are large buy orders waiting. These levels also coincide with liquidity areas or price imbalances that have been retested by BTC price in the past few days.

Therefore, BTC price could trade in a range between $27,000 and $29,000 in the near term, depending on the outcome of the inflation data and the market sentiment. A break above or below this range could signal a new direction for BTC price.

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