Markets Reconsider Fed Rate Cuts as Bitcoin hovers around $44K based on US jobs data

Bitcoin (BTC) hit $44,000 after the Dec. 8 Wall Street open, as U.S. jobs data reduced market bets on interest rate cuts.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin Holds Steady as Jobs Data Worries US Dollar

Data from Cointelegraph Markets Pro and TradingView covered the latest BTC price action as risk assets reacted to the latest US inflation signals.

Nonfarm payrolls exceeded expectations: 199,000 versus 190,000, while unemployment was lower than expected, 3.7% versus 3.9%, according to an official statement from the US Bureau of Labor Statistics.

Both suggested that the full impact of the Federal Reserve’s monetary tightening had yet to emerge, and while other data had already reflected falling inflation, markets treated the jobs numbers nervously.

However, data from CME Group’s FedWatch tool puts the probability of anything more than a freeze on interest rates in place at next week’s Fed meeting.

Probability graph of the Fed’s target rate. Source: CME Group

The US Dollar Index (DXY) saw particularly pronounced volatility around the data, briefly reaching its highest levels since November 20 before erasing its gains to trade at 103.8 at the time of writing.

US Dollar Index (DXY) 1-hour chart. Source: TradingView

Liquidity Boosts BTC Price Amid Consolidation

While gold was down 0.8%, Bitcoin managed to avoid a direct drop despite diminishing belief that lower interest rates are coming soon.

Related: ‘Early Bull Market’: Bitcoin Price Prepares First Weekly Golden Cross

The largest cryptocurrency remained locked in a multi-day trading range as traders looked for signs of trend continuation.

“Bitcoin is still consolidating in an uptrend and remains strong after the recent move,” popular analyst Matthew Hyland wrote in part of an analysis on X (formerly Twitter).

“There is now clear support around $43,000.”

Meanwhile, trader and analyst Daan Crypto Trades noted significant areas of liquidity directly around the spot price.

Continued attention was focused on altcoins versus Bitcoin, with Solana’s Ether (ETH) and SOL (SOL) taking the lead overnight amid renewed anticipation of a form of “alt-season” returning.

“Bitcoin is still consolidating around $43,000, while Ethereum is gaining more momentum,” Michaël van de Poppe, founder and CEO of MN Trading, told X subscribers.

“The bottom for ETH/BTC is near or maybe in. The next two months will be even more electric for altcoins.”

ETH/BTC 1-day chart. Source: TradingView

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