Bitcoin (BTC) inched higher at the Aug. 4 Wall Street open as mixed United States unemployment data rocked U.S. dollar strength.
U.S. unemployment gives mixed picture
Data from Cointelegraph Markets Pro and TradingView followed BTC price action as BTC/USD set daily highs of $29,273.
U.S. jobless figures came in below expectations on the day, at 3.5% versus an estimated 3.6%, while the number of jobs added was less than forecast.
Responding, financial commentator Holger Zschaepitz said that the data had “no clear message.”
“Despite the fastest rising rates of all time, the labor market remains strong,” financial commentary resource The Kobeissi Letter continued in part of its own synopsis.
“This is the most resilient labor market in history.”
While U.S. stocks and Bitcoin managed to eke out modest gains as a result, the U.S. dollar felt the pressure in what could still aid a more pronounced BTC price rebound.
The U.S. Dollar Index (DXY) was down 0.6% on the day at 101.8, setting new lows for August.
For Michaël van de Poppe, founder and CEO of trading firm Eight, there was reason to believe that BTC/USD could improve into the next round of macroeconomic data releases.
“This means $DXY down, stocks up & Bitcoin potentially up awaiting CPI…
