Bitcoin (BTC) made another attempt to breach the critical resistance level of $28,000 on Friday, as both the cryptocurrency and traditional markets recovered from early setbacks caused by unexpectedly robust U.S. employment data.
The largest cryptocurrency, in terms of market capitalization, experienced a brief 2% dip, falling below $27,300 following the news of the U.S. economy adding 336,000 jobs in September—nearly double the expectations of economists. However, these losses were short-lived, as Bitcoin swiftly bounced back, surpassing the $28,000 mark.
As of the current time, the price hovers just below this pivotal level, marking a 1.5% increase over the past 24 hours. It marginally underperforms the broader cryptocurrency market represented by the CoinDesk Market Index (CMI), which recorded a 1.6% gain during the same period.