You are currently viewing Bitcoin fails to beat $23.4K sellers as US payrolls upend inflation debate

Bitcoin (BTC) saw fresh rejection at $23,500 resistance on Aug. 5 as United States equities failed to embrace surprisingly strong payroll data.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView“Collapsing real wages” poke fun at payroll print

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as bears kept the market in its intraday trading range.

Wall Street opened with a whimper despite U.S. payrolls for July coming in at twice estimated levels. The curious reaction had some analysts arguing that the numbers did not in fact show economic strength, but rather existing workers taking on second jobs due to inflation.

“The gain of 528K jobs in July as the labor force participation rate fell to 62.1, means that most of the new jobs went to people who already had jobs,” gold bug Peter Schiff responded.

“Collapsing real wages force many workers to moonlight to pay the bills. If the labor market were strong one job

Keep reading this article on Cointelegraph.com.

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