The price of Bitcoin has surged above $60,000 after the U.S. labor market report was released today. This increase in Bitcoin (BTC) value occurred right after the publication of the U.S. jobs report, which led to a shift in expectations of the Federal Reserve’s key rate cut from November to September. Bitcoin saw a gain of over 4% following the release of the statistics and is now on track to reach $62,000, according to CoinMarketCap data.

CryptoQuant CEO Ki Young Ju revealed that Bitcoin whales accumulated 47,000 BTC in anticipation of the Fed’s report, indicating a bullish sentiment in the market.

Bitcoin whales accumulated 47K $BTC in the past 24 hours. We’re entering a new era.

Macroeconomic data has altered expectations regarding the trajectory of the Fed key rate in 2024, with the market now considering two cuts of 0.25% each, starting in September. Bloomberg analysts have highlighted that the upcoming report on consumer price dynamics on May 15 will be crucial for investors.

After the U.S. labor market report was released, risk appetite increased in global markets. The S&P 500 stock index opened up by 1.2%, and the cryptocurrency index of fear and greed rose by five points on the day, transitioning from the fear zone to the neutral zone.

Following a recent dip in BTC’s price below $60,000, Santiment analysts noted a surge in discussions around the hashtag #buythedip and mentions of BTC. This increase in sentiment indicates a renewed polarization among traders, with some seeing it as a buying opportunity while others remain cautious.

Overall, the latest market movements in response to the U.S. labor market report highlight the interconnectedness of global economic events and their impact on cryptocurrencies like Bitcoin.

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