Bitcoin (BTC) price action briefly reversed a slide triggered by the previous day's close, briefly tagging $57,000 at the September 5th Wall Street open as United States equities gained on macroeconomic data prints. However, the leading cryptocurrency failed to halt a low-timeframe price decline for long, with traders now looking to the week's final US jobs data.

The recent US jobs report showed a wide miss among private-sector payrolls, with only 99,000 jobs added versus the expected 144,000. This "marks the smallest gain since 2021" according to trading resource The Kobeissi Letter, reinforcing expectations of an upcoming interest rate hike by the Federal Reserve.

Despite the US stocks bounce, BTC/USD took only modest relief, declining 2.3% on the day. Analysts warn that Bitcoin could potentially retest support at $49,500 if the downward pressure continues, cautioning traders to keep a close eye on the critical jobs data due later this week.

Source: https://cointelegraph.com/news/btc-price-us-jobs-miss-warning-bitcoin-retest-49-5-k

The information provided in this article is for informational and educational purposes only, based on news and sources gathered from the internet. This content should not be considered as investment advice, financial guidance, or a suggestion to buy or sell any digital assets. Before making any financial decisions, we recommend consulting with a professional financial advisor and conducting your own research. The author and the blog are not responsible for any losses or damages that may arise from using this content.