US jobs data boosts rate cut bets, Bitcoin price bounces 5% to $62K

Bitcoin (BTC) saw a rise of up to 5% on May 3 following favorable United States employment data. The BTC/USD pair on Bitstamp surpassed $62,000, driven by data that showed the labor market weakness the Federal Reserve said would support interest rate cuts. The nonfarm payrolls data for April came in below expectations, contradicting recent macro data prints that had undermined investors’ confidence. This news provided relief for stocks, with Dow Jones futures surging 500 points. However, some traders questioned how the Fed would handle inflation issues in the future. Despite this, Bitcoin whales were accumulating BTC, with 47K BTC being accumulated in the past 24 hours. Analysts hoped that higher levels would hold as support, indicating that the recent dip in Bitcoin’s price was just a temporary reaction.