How Will the Crypto Market React to the U.S. Jobs Report? | Credit: Veronica Cestari
Share
Key Takeaways
A partial U.S. October jobs report is scheduled to be released on November 20.
The crypto market cap (TOTALCAP) trades inside a parallel channel.
Bitcoin (BTC) aims to break out from its diagonal resistance trend line.
The markets are heading into a tricky week as the U.S. prepares to release only a partial October jobs report, its first incomplete release in more than a decade.
That uncertainty is already weighing on rate-cut expectations and stirring volatility across the crypto market.
Both TOTALCAP and Bitcoin sit just below key resistance levels, with technical indicators suggesting a potential breakout.
US Jobs Report
The Department of Labor announced that it will only release a partial jobs report, without the full number of jobs lost and the unemployment rate.
This is the first time since 2013 that a complete jobs report will not be released.
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
Unofficial data suggest that more than 150,000 jobs have been lost, the worst numbers in more than two decades.
The number of U.S. mass layoff warnings is also rising at a concerning pace, as nearly 40,000 Americans received advance layoff notices in October.
The Department of Labor also pushed the release date for the November Job Report to Dec. 16 from the current date of Dec. 5.
This is six days after the Federal Reserve concludes its final policy meeting of the year.
Crypto Market and Jobs Data
The U.S. jobs data could create volatility in the market, both to the upside and downside, depending on whether the data is positive.
The increased likelihood of volatility also aligns with the current crypto market position, which is positioned below a descending resistance trend line that has been in place since November 11.
If the crypto market breaks out, it could begin an upward movement to the next resistance at $3.25 trillion.
Alternatively, a rejection could trigger a drop to the $2.85 trillion support level, created by the channel’s support trend line.
The RSI and MACD support the breakout possibility. The indicators have generated a bullish divergence and are increasing, suggesting that the crypto market will also rise.
Bitcoin and Jobs Report
Similar to the rest of the crypto market, the Bitcoin price has fallen under a diagonal resistance trend line since Nov. 11.
Yesterday, Bitcoin bounced following a better-than-expected earnings report from Nvidia, which also triggered a rebound in the broader cryptocurrency market.
Bitcoin’s formation is also bullish, since the RSI and MACD have generated bullish divergences (orange), which often lead to bullish trend reversals.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
