Bitcoin briefly dropped to $27,000 due to unexpected non-farm payroll numbers, but quickly recovered. The volatility was caused by US employment data, which showed a jump in non-farm payrolls for September. This was viewed as bad news for risk assets, including crypto. Traders are now anticipating a potential interest rate hike from the Federal Reserve in November. Bitcoin open interest has been declining, indicating a decrease in market activity. Overall, the market reaction to the employment data has put pressure on both markets and the Fed.
