Bitcoin markets witnessed little volatility on Wednesday morning after the Bureau of Labor Statistics released its delayed January jobs report.
The leading cryptocurrency experienced a rather brief price spike before paring modest gains after traders digested the data.
Earlier today, Bitcoin was under bearish pressure ahead of the release. At exactly 13:30, the chart registers a significant green candle, reaching a peak of roughly $67,400.
The spike was notably short-lived since it was likely driven by algorithmic trading.
The leading cryptocurrency is down roughly 8% over the past week, and it is currently on track to finish this month well in the red.
Conflicting data
The newly released January Nonfarm Payrolls (NFP) report significantly beat expectations, complicated by massive historical revisions.
The U.S. economy added a robust 130,000 jobs in January. Notably, this has more than doubled the economist consensus of roughly 65,000 to 75,000.
The unemployment rate ticked down to 4.3%, which made it possible for the company to defy expectations.
Typically, a "hot" jobs report is bearish for risk assets like Bitcoin. This gives the Federal Reserve more room to keep interest rates high. The nomination of Kevin Warsh as the new Federal Reserve Chair likely contributed to Bitcoin's plunge since he would be reluctant to cut rates.
The Bureau of Labor Statistics also released its annual benchmark revision, which was less rosy.
The revision erased 898,000 jobs from the record between April 2024 and March 2025. This massive downward adjustment confirms that the labor market was far weaker last year than initially reported.
Dan Burgin
U.Today Editorial Team
