Bitcoin (BTC) 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.

Analyst: Fed will keep hiking “until something breaks”

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it drifted around $27,900 on Bitstamp.

U.S. nonfarm payrolls figures, the main macro data focus of the week, came in slightly below expectations, indicating unemployment rising more slowly than predicted.

This in turn raised market expectations that the Federal Reserve would persist in raising interest rates to combat inflation — at the expense of crypto and risk asset performance.

The odds of another 25-basis-point rate hike in May topped 70% on the day, according to CME Group’s FedWatch Tool, having previously circled 50%.

“Another strong jobs report. Likely fuels speculation of a 25bps hike in May,” analytics resource Tedtalksmacro reacted on Twitter.

Caleb Franzen, senior market analyst at Cubic Analytics, concluded that this and other recent em

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Author: William Suberg

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