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Bitcoin price takes a hit as US Nonfarm Payrolls for September nearly double expectations, rising by 336,000


Bitcoin price had a rather negative initial reaction to the release of the US Nonfarm Payrolls for the month of September. Beating wide-margin market expectations, the jobs report highlighted the addition of about 336,000 jobs against the forecast of 170,000 jobs.

The reading noted for the month of August was also upwardly revised from 187,000 to 227,000, marking a 21% increase.

Read more - US Nonfarm Payrolls rise by 336,000 in September vs. 170,000 forecast.

Bitcoin price dips to a three-day low
Bitcoin price trading at $27,381 noted a dip of 1.85% in the first hour following the release of the US Nonfarm Payrolls report. Consequently, during the intra-day trading, BTC slipped to a three-day low of $27,269, even losing the support of the 200-day Exponential Moving Average (EMA). However, at the time of writing, the cryptocurrency recovered from the initial decline to test the resistance level at $27,418.