Bitcoin drops to $23,250 on significantly higher-than-expected US payroll data

The U.S. Bureau of Labor Statistics (BLS) released nonfarm payroll data showing 517,000 jobs were added in January, marking a significantly higher-than-expected increase.

Economists had forecast 185,000 nonfarm jobs to be added for the month, fewer than December’s actual 223,000 jobs added.

As an initial response, Bitcoin recorded a 1.1% swing to the downside, bottoming at $23,250 on the 13:30 (UTC) 5-minute candle.

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