Bitcoin traders are keeping an eye on key levels as the US jobs shock pushes BTC price above $71,000.

Bitcoin (BTC) has rebounded from lows below $69,000 on November 1 as shocking US employment data sparked dollar volatility.

Bitcoin Losses Reduce due to Declining U.S. Employment

Data from Cointelegraph Markets Pro and TradingView showed a rebound in BTC prices following the October non-farm payrolls data.

This fell dramatically short of expectations, with the economy adding just 12,000 jobs compared to the 106,000 expected. The figures for September and August were also revised significantly downward to 31,000 and 81,000, respectively.

Conversely, the unemployment rate reached the target of 4.1%.

“This is the lowest number of U.S. jobs added since July 2021. All signs continue to point toward a weakening labor market,” trade resource The Kobeissi Letter wrote in part of its reaction to X.

Kobeissi added that he expects the Federal Reserve to cut interest rates by 0.25% at its scheduled meeting on November 7. This is an overview reflected in CME Group’s FedWatch Tool.

The US Dollar Index (DXY) suffered from the data release and fell to 103.6 before recovering.

“Here we go!” Crypto trader, analyst and entrepreneur Michaël van de Poppe continued his X coverage, noting that NFP results were the worst since January 2021.

Regarding the economic slowdown, Prime Minister Van de Poppe predicted, “As the labor market becomes increasingly soft, a turnaround is just around the corner.”

BTC price delivers a “very bullish” monthly close.

Meanwhile, Bitcoin itself has been trying to recover from steep losses surrounding the October monthly candle close.

relevant: Bitcoin speculators send $4 billion to exchanges as BTC price loses $70,000

At the time of writing, BTC/USD is up about 1.6%, surpassing $71,000 and liquidating shorts in the process.

Popular trader Skew recently wrote about the higher low (HL) on the 1-day timeframe in an

“Another important 1D close later today and the November open are also important for the trend.”

Crypto’s fellow trader Titan flagged $71,300 as a particularly important level for support.

“The closing price of the October candle erased four months of price decline in one go. Very optimistic. Cloud also shows bullish signals,” he wrote in an X post along with Ichimoku Cloud’s analysis of the one-month chart.

This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.