Bitcoin (BTC<\/a>) showed little interest in moving higher at the April 7 Wall Street open as fresh United States macro data boosted bets on further interest rate hikes.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed BTC\/USD as it drifted around $27,900 on Bitstamp.<\/p>\n U.S. nonfarm payrolls figures, the main macro data focus<\/a> of the week, came in slightly below expectations, indicating unemployment rising more slowly than predicted.<\/p>\n This in turn raised market expectations that the Federal Reserve would persist in raising interest rates to combat inflation \u2014 at the expense of crypto and risk asset performance.<\/p>\n The odds of another 25-basis-point rate hike in May topped<\/a> 70% on the day, according to CME Group\u2019s FedWatch Tool, having previously circled 50%.<\/p>\n \u201cAnother strong jobs report. Likely fuels speculation of a 25bps hike in May,\u201d analytics resource Tedtalksmacro reacted<\/a> on Twitter.<\/p>\n Caleb Franzen,\u00a0senior market analyst at Cubic Analytics, concluded<\/a> that this and other recent employment data showed that there were not \u201cany major holes in the labor market data (yet).\u201d<\/p>\n \u201cThey\u2019re going to keep going until something breaks,\u201d he continued<\/a> about Fed policy in part of a follow-up analysis on Twitter.<\/p>\n \u201cSo far, the banks are chilling & intervention has worked. Depositors aren\u2019t worried. The labor market is still too resilient and inflation is too high, though it\u2019s decelerating. Disinflation is fully underway, but the Fed is bound by their own handcuffs.\u201d<\/p><\/blockquote>\n Related: Crypto winter can take a toll on hodlers\u2019 mental health<\/a><\/em><\/strong><\/p>\n Just ahead of the report, monitoring resource Material Indicators uploaded<\/a> order book data from Binance, which showed strengthening liquidity nearer the spot price. <\/p>\n This, as Cointelegraph reported the day prior<\/a>, was apt to further \u201cdampen\u201d volatility.<\/p>\n Elsewhere, U.S. equities traded up on the day, with the S&P 500 and Nasdaq Composite Index gaining 0.4% and 0.8%, respectively, at the open.<\/p>\n Related:\u00a0Bitcoin \u2018faces headwinds\u2019 as US money supply drops most since 1950s<\/a><\/em><\/strong><\/p>\n The U.S. dollar managed an uncharacteristic copycat bounce, meanwhile, heading back above the 102 mark to hit its highest levels in several days.<\/p>\n \u201c$USD strength still showing up fresh higher-high after the NFP report,\u201d analyst James Stanley wrote<\/a> in part of a Twitter response.<\/p>\n \u201c$DXY reacting with strength to data that isn\u2019t necessarily all that strong.\u201d<\/p><\/blockquote>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-04\/81fd05c1-9048-4733-9987-2299cb8dbe4b.png\")
Analyst: Fed will keep hiking \u201cuntil something breaks\u201d<\/h2>\n
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Dollar bounces with stocks<\/h2>\n
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