![Bitcoin drops to $23,250 on significantly higher-than-expected US payroll data](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/02/bitcoin-drop.jpg&w=70&h=37&q=75)
Bitcoin drops to $23,250 on significantly higher-than-expected US payroll data
The leading cryptocurrency fell to $23,250 in response to strong labor market data.
![Bitcoin drops to $23,250 on significantly higher-than-expected US payroll data](https://cryptoslate.com/wp-content/uploads/2023/02/bitcoin-drop-768x403.jpg)
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
![Bitcoin 5 minute chart](https://cryptoslate.com/wp-content/uploads/2023/02/BTCUSD_2023-02-03_13-32-26-1024x465.png)