Cryptocurrency prices on October 7: Bitcoin rises above $63,500 amid strong US payrolls report
cryptocurrency market cap rose by 2.58%, reaching approximately $2.21 trillion over the last 24 hours.
The U.S. labor market added 254,000 jobs in September, significantly more than economists had anticipated, easing concerns about economic weakening. The unemployment rate dropped for the second consecutive month, from 4.2% in August to 4.1% in September, according to the Labor Department.
As of 1:04 p.m. IST, Bitcoin was up 2.6% at $63,577, while Ethereum remained above the $2,450 mark.
«Bitcoin has continued its relief rally after bouncing off the critical trend line support at $59.8K. However, $65K could act as a crucial resistance before any further upside,» said CoinSwitch Markets Desk. «Rising geopolitical tensions may have pressured BTC in the short term, but as gold rises, BTC could follow.»
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View Details»Vikram Subburaj, CEO of Giottus Crypto Platform, noted, «Bitcoin has regained bullish momentum after rebounding from its 50-day MA near $60,600. The top crypto asset is now eyeing $64,000, with a potential shot at $65,000 this week. This momentum has been driven by a reduction in Bitcoin holdings on centralized exchanges, which are at their lowest since
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