Bitcoin BTC/USD has seen a notable increase of 1.08% over the past 24 hours, approaching the $64,000 mark. This surge is attributed to positive U.S. employment data and the anticipated reduction in interest rates.

What Happened: The cryptocurrency is currently trading at $63,526, recovering from a recent dip near $60,000 last Thursday. This rebound aligns with the U.S. monthly jobs report released on Friday, which showed 254,000 jobs added in September, surpassing the Dow Jones forecast of 150,000, The Block reported on Monday.

Min Jung, an analyst at Presto Research, highlighted increased optimism for a “soft landing,” suggesting the U.S. economy is in a “Goldilocks” state, according to the report. Rachel Lucas from BTCMarkets pointed out that improved market sentiment and the anticipation of a U.S. Federal Reserve rate cut in November contributed to the rally.

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Why It Matters: The CME Group’s FedWatch Tool indicates a 90.5% probability of the Fed reducing rates to a range of 4.50% to 4.75%. Lucas also noted that reduced Bitcoin holdings on centralized exchanges supported the rally by decreasing market selling pressure.

However, both Lucas and Jung warned that geopolitical tensions in the Middle East could threaten the sustainability of Bitcoin’s recent gains. Lucas mentioned that despite a slow start to October, analysts remain hopeful for a continued recovery.

The recent surge in Bitcoin’s price follows a trend of positive market movements. Earlier in the week, Bitcoin, Ethereum ETH/USD, and Dogecoin DOGE/USD experienced strong gains due to positive labor market data, signaling the end of the “summer lull seasonality” and the start of the fourth quarter bull seasonality.

The positive market sentiment was further bolstered by the UAE’s decision to exempt cryptocurrency transactions from value-added tax (VAT), earning the country the title of “cryptocurrency capital.”

Price Action: Bitcoin is trading at $63,526.30, up 1.08% in the last 24 hours. Year to date, the cryptocurrency has gained $19,321.93, reflecting a 43.71% increase, according to data from Benzinga Pro.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote

Leading cryptocurrencies rallied Sunday overnight as investors remained optimistic following a healthy employment report.

What Happened: Bitcoin steadily inched upward throughout the day, before a sharp breakout to nearly $64,000 late evening. The world’s largest cryptocurrency attempted to recover from last week’s losses, exacerbated by geopolitical tensions.  

The late-hour surge also saw Ethereum spike to $2,490, up from a loss of more than 5% the previous week.

Total cryptocurrency liquidations hit nearly $112 million in the last 24 hours, with downside bets getting the most affected.

Bitcoin’s Open Interest soared 5.83% in the last 24 hours, indicating a sharp surge in speculative interest for the leading cryptocurrency. 

The Cryptocurrency Fear & Greed entered the “Neutral” zone after languishing in “Fear” last week.

Top Gainers (24-Hours)

The global cryptocurrency stood at $2.2 trillion, following an increase of 2.35% in the last 24 hours.

Stock futures were little changed overnight. The Dow Jones Industrial Average Futures fell 6 points, or 0.01%, as of 8:50 p.m. EDT.  Futures tied to the S&P 500 were down 0.06%, while Nasdaq 100 Futures lost 0.1%.

Major averages ended last week on a high after healthy labor market signs emerged from the September jobs report released Friday. Nonfarm payrolls rose from 159,000 in August to 254,000 in September, bettering economists’ forecasts.

This week, investors would watch for the minutes of FOMC from September’s policy meeting, due for release on Wednesday, and the Consumer Price Index data, slated for Thursday.

See More: Best Cryptocurrency Scanners

Analyst Notes: Widely-followed cryptocurrency analyst Kyle Chassé attributed Bitcoin’s latest rally to whale demand, noting a sharp surge in accumulation by wealthy investors.

“This is proof of demand. We know the supply is starting to dwindle. This is how it starts,” the analyst stated.

Another noted cryptocurrency researcher, 0xNobler, drew attention to the historical tendency of a Bitcoin bull run in October.

“The next target for $BTC is ~$260,000 and many altcoins will follow the lead. Every $100 today = $10,000 in Q1 2025,” the analyst predicted.

Photo by CMP_NZ on Shutterstock

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