Non-farm payrolls report impresses, U.S. stocks rally, Bitcoin reclaims $62K

On Friday, better-than-expected non-farm payroll data boosted investors' confidence in the outlook of the U.S. economy, leading the Dow to hit another all-time high. The S&P 500 index rose by 0.9%, while the Nasdaq index surged by 1.22%. Bitcoin also saw a slight increase yesterday, climbing back from a low of 59,828 the previous day to 62K.

Non-Farm Payrolls Report Exceeds Expectations, Market Anticipates Only One Rate Cut in November

In September, non-farm payrolls increased by 254,000, far exceeding the expected 150,000. The unemployment rate for September also dropped from 4.2% in the previous month to 4.1%, hitting a three-month low.

The report indicates a robust economy but also signals to the market that the Federal Reserve is more likely to cut rates by a smaller margin in the future. The CME Group's FedWatch tool shows that traders now estimate a 97.4% chance of only one rate cut in November, significantly higher than the previous day's 67.9%.

Nick Timiraos, a reporter from The Wall Street Journal known as the "Fed Whisperer," mentioned after the data release that this non-farm report may lead Federal Reserve officials to opt for a 25-basis-point rate cut and eliminate much of the drama surrounding the November Fed meeting.

U.S. stocks celebrated on Friday, 10/4, with the Dow hitting a new historical high and the S&P 500 rising by 0.9%, while the Nasdaq index surged by 1.22%.

Bitcoin Returns to 62K

Bitcoin also saw a gradual rise yesterday, bouncing back from a low of 59,828 to 62K.

A report from 10x Research indicated that since March, Bitcoin's price has undergone significant adjustments, primarily due to large-scale whale sell-offs and a flood of token unlocks overwhelming the altcoin market supply. However, strong capital inflows from "stablecoins, Bitcoin spot ETFs, and leveraged futures" have prevented further price declines. Founder Markus Thielen remains optimistic about the outlook.

With the U.S. economic growth rebounding, the Fed continuing rate cuts due to decreasing inflation, and strong U.S. corporate profits, these factors will have a significant impact on Bitcoin.

In the short term, whether Bitcoin can reclaim the crucial 66K neckline position remains an important observation point.