Bitcoin Price Spiked Above $99K, Following US Unemployment Data

Key Points

• Bitcoin recorded a recent price rally, surpassing $99,800, following the US jobs data.
• The strong jobs numbers in the US beat economists’ expectations.

Bitcoin price recorded a sudden rally above $99,000 fueled by strong jobs data in the US. According to official reports, the US added 143,000 jobs last month, and the unemployment rate dropped to 4%.

Bitcoin Price Surpassed $99,000

At the moment of writing this article, BTC is trading above $99,700, after hitting prices above $99,800 a few minutes earlier. BTC is up by 1.5% in the last 24 hours.

Bitcoin is expected to surpass the important psychological $100,000 level fueled by increasing adoption, rising institutional interest , and accumulation.

The recent price rally for Bitcoin came following the US unemployment data which showed better numbers than expected.

US Unemployment Rate is Down to 4%

According to data from NBC News , the US added 143,000 jobs in January, fewer than economists expected, but thre unemployment rate dropped to 4% from 4.1%, beating forecasts.

Forecasters surveyed by Dow Jones had anticipated 169,000 payroll gains in January, after a large 256,000 jump in December 2024.

The numbers released today by the Bureau of Labor Statistics include routine annual data adjustments, in which November and December payroll levels were revised up by a combined 100,000.

The BLS also revised downward the monthly pace of job gains for 2024, to an average of 166,000 from a previous estimate of 186,000, reinforcing the widespread expectations that hiring last year was not as robust as earlier data had suggested. For the period covering 2023 and early 2024, the US added 589,000 fewer payrolls.

The Kobeissi Letter also highlighted that the December jobs report has been revised higher, showing 307,000 jobs added for the month, up from 256,000. This was the strongest job number since March 2024, according to the data.

Overall, as NBC News notes, economists maintain that the US labor market is in decent shape at the moment.