- Bitcoin price nosedived from $29,528 on May 5 to $28,800 in response to the US Nonfarm Payrolls data release for the month of April.
- The US economy added 253,000 Nonfarm Payrolls in April, against the expected 179,000.
- Bitcoin price could correct lower as sentiment towards risk assets shifts among market participants.
Bitcoin price corrected in the form of a large bearish engulfing candle on the five-minute price chart, in response to the US Nonfarm Payrolls data release for April. The risk asset witnessed a knee-jerk reaction from market participants showing caution towards Bitcoin after the jobs report came in hotter than expected.
Also read: Forex Today: Banking woes, US NFP to keep volatility high ahead of weekend
Bitcoin price dips below $29,000, US NFP release drives correction
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