Bitcoin continues to fluctuate below $70,000 as the bulls once again fail to hold the price above this important psychological level.
The stock market rose on Friday to kick off November as Amazon led the big tech stocks into the green and traders shrugged off a disappointing jobs report.
The Dow Jones index gained 288.73 points, or 0.69%, to close at 42,052.19. The S&P 500 rose 0.41% to end the session at 5,728.8, and the Nasdaq Composite jumped 0.8% to 18,239.92.
Amazon shares rose 6.2% as the strength of its advertising and cloud businesses propelled the e-commerce giant past Wall Street's earnings expectations. Intel stock gained 7.8% after beating analysts' revenue forecasts and providing strong guidance. These two stocks helped boost investor sentiment after some earnings disappointments earlier this week.
Meanwhile, the jobs report released on Friday showed the U.S. economy added only 12,000 jobs in October, well below the Dow Jones estimate of 100,000. This was the weakest job creation since December 2020. The unemployment rate held steady at 4.1%, in line with estimates. However, traders did not react too strongly to the weak jobs data, believing the gloomy figures were impacted by storms and the Boeing strike.
Clark Bellin, chairman and chief investment officer at Bellwether Wealth, said: "The Friday jobs report showed the labor market slowed in October compared to September. But this may be mostly noise due to weather and worker strikes, so the Federal Reserve is still expected to hike rates by 25 basis points at its November meeting."
In addition to the U.S. presidential election on November 5, which is expected to increase volatility, investors are also looking ahead to the Fed's two-day policy meeting on November 6-7.
The major indexes are wrapping up a volatile week. The S&P 500 lost 1.4% during this period, while the Nasdaq declined 1.5%. The selloff following the earnings reports from Microsoft and Meta Platforms put pressure on the indexes. The 30-stock Dow is down 0.2% so far this week.
The strong start to November comes after a difficult October for the market. The Dow 30 plunged 1.3% in October. The broad market index lost 1% during that time, while the Nasdaq fell 0.5%.
Bit is still holding below the $70,000 psychological level.
After the disappointing U.S. jobs report, BTC suddenly surged, touching a local high for the day at $71,632. However, the upward momentum was short-lived as strong selling pressure continued to pull the price back towards the $69,000 region.
The top asset has closed daily in the red for 3 consecutive days since breaking above the $73,000 mark on 10/29.
Altcoins had a mixed performance yesterday.
On the gainers' side, Raydium (RAY) led the way, surging over 11% and bringing its 7-day gains to 31%.
Other projects like Cardano (ADA), Mantra (OM), cat in the dogs world (MEW), Nexo (NEXO), THORChain (RUNE), Litecoin (LTC), Monero (XMR), Algorand (ALGO), Pendle (PENDLE), Toncoin (TON), etc. gained 2-5%.
On the flip side, dogwifhat (WIF), Immutable (IMX), Optimism (OP), Core (CORE), Celestia (TIA), Bonk (BONK), Mog Coin (MOG), Bittensor (TAO), Popcat (POCAT), Arweave (AR), Mantle (MNT), Ondo (ONDO), Fantom (FTM), Floki (FLOKI), etc. shed 2-6% in value.
Ethereum (ETH) is still struggling to hold above the $2,500 psychological level, closing yesterday's session in the red.
The second-largest Capital asset is currently trading around $2,511, with little change from 24 hours ago.
You can check the coin prices here.
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Viet Cuong
Bitcoin Magazine
