{"id":69449,"date":"2023-10-06T10:25:44","date_gmt":"2023-10-06T14:25:44","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-drops-after-jobs-report-watch-this-resistance-level\/"},"modified":"2023-10-06T10:25:47","modified_gmt":"2023-10-06T14:25:47","slug":"bitcoin-drops-after-jobs-report-watch-this-resistance-level","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=69449","title":{"rendered":"Bitcoin Drops After Jobs Report. Watch This Resistance Level."},"content":{"rendered":"
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Bitcoin fell Friday after the release of a strong U.S. jobs report for September.<\/p>\n

\n Bitcoin
\n stood at $27,435, down 1% over the last 24 hours. <\/p>\n

The largest cryptocurrency was swept up in a risk-asset selloff as markets moved to price in higher-for-longer interest rates after the U.S. economy created more jobs than expected in September. <\/p>\n

\n

Bitcoin\u00a0<\/strong>had been holding up in the face of a stock-market selloff caused by rising bond yields.\u00a0<\/p>\n

\u201cBitcoin\u2019s properties make it quite attractive as an alternative flight to safety play, especially against other cryptocurrencies viewed to be more correlated to risk sentiment,\u201d said Joel Kruger, market strategist at LMAX Group.\u00a0<\/p>\n

However, the latest data look to have taken the wind out of the cryptocurrency\u2019s sails. That could delay hopes of a breakout. <\/p>\n

\u201c[Bitcoin] continues to see resistance around $28,000\u2026 after almost two months of trading below here and multiple failures to break higher,\u201d \u00a0said Craig Erlam, senior analyst at Oanda. <\/p>\n

Beyond Bitcoin, other cryptocurrencies were mixed.
\n Ether
\n \u2014the second-largest crypto\u2014was down 0.5% to $1,624. Smaller cryptos, or altcoins, were mixed with
\n Cardano
\n rising 0.7% and
\n Solana
\n down 1.6%.
\n Dogecoin
\n rose 0.3%.<\/p>\n

Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin fell Friday after the release of a strong U.S. jobs report for September. Bitcoin stood at $27,435, down 1% over the last 24 hours. The largest cryptocurrency was swept up in a risk-asset selloff as markets moved to price in higher-for-longer interest rates after the U.S. economy created more jobs than expected in September. […]<\/p>\n","protected":false},"author":1,"featured_media":69450,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-69449","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBitcoin Drops After Jobs Report. Watch This Resistance Level. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Bitcoin fell Friday after the release of a strong U.S. jobs report for September. 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