Bitcoin (BTC) broke a three-day decline after January job growth in the United States fell under expectations.

The largest cryptocurrency rose over $ 100,000 for the first time since February 4, according to CCDATA, after Bureau of Labor Statistics said the economy added 143,000 jobs in January, under the expected 170,000 and down from 256,000 in December.

Still, the unemployment rate dropped to 4% compared to an expected 4.1% and December’s 4.1% and growth in average hourly earnings blew past estimates that came at 0.5% compared to the expected 0.3%.

“Relatively high pay and low unemployment means that the Federal Reserve is not likely to reduce the rates soon, but markets already know it,” said Zach Pandl, Grayscale’s research manager. “As long as the stock markets remain largely stable, Bitcoin could make news heights later in this quarter”.

The risk of the Federal Reserve lowering the benchmark rate at his March meeting fell to 8% from 15% after the report, according to CME FedWatch data.

Fed Cut Fed Funds Rate with 100 Basic Points in the last four months of 2024, and several weeks ago, investor backtracking expected on his Dovishness and dealers prize the odds of further political ease.

Update (7 February, 13:59 UTC): Adds Bitcoin price reaction to the heading and first two sections, fed rate-cut chances of the fourth.
Update (7 February, 14: 23 UTC): Adds Bitcoin -Price Topper $ 100,000

Update (7 February, 15: 08 UTC): Adds quote from Grayscales leader of research in the fourth paragraph.