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Bitcoin retreats after payrolls as ETF inflows leave a demand test

Glassnode data show the odds of another quarter-point Fed hike for Oct. 28 fell to 22% by Oct. 2, from 66% on Sept. 28.

Reported · Written up by our desk · Bitcoin

Bitcoin’s attempt to hold gains above $85,000 is facing a demand test after a post-payroll drop in rate-hike expectations, with ETF buying after the jobs data still not fully confirmed.

CryptoSlate reports that Bitcoin was $85,276 around press time, up 0.83% over 24 hours, while still trading below the $86,000 area reached before payrolls.

According to Glassnode’s Oct. 3 post-payroll study, the probability of an additional quarter-point hike at the Oct. 28 meeting fell to 22% by 15:00 UTC on Oct. 2, down from 66% on Sept. 28.

The study also pointed to a burst of forced buying ahead of the Friday jobs report, measuring $50 million of short liquidations in ten minutes at 04:20 UTC on Oct. 2, about eight hours before the release.

Latest closeBitcoin $85,932.73 ▲1.4%

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