Key Points
- Bitcoin (BTC) failed to maintain a rebound, despite positive macro data.
- Despite jobless claims surpassing expectations, Bitcoin’s value fell below $61,000.
Bitcoin’s value had a brief spike to $61,750 but failed to sustain it. This occurred in the wake of the latest United States jobless claims, which exceeded expectations by reaching their highest levels in nine months at 231,000, as opposed to the anticipated 212,000.
Market Reactions
The Federal Reserve had previously indicated that signs of strain within the labor market could be a key factor in considering interest rate cuts. However, Bitcoin’s value did not celebrate this news, falling back below $61,000.
Daan Crypto Trades, a popular trader, noted significant bids appearing between $59-60K. He suggested that this price level makes sense as it’s the range low, but it remains to be seen if price would seek the liquidity down there.
Future Predictions
On a more positive note, Titan of Crypto, another popular trader, suggested a potential upside target of $75,000 for the end of the current consolidation period. He also expects Bitcoin to hit six figures for the first time, but acknowledged that “time and patience” was required on the part of market participants.
An accompanying chart showed a possible inverse head and shoulders pattern forming, with downside limited to much beyond $55,000 should weakness reenter the market. Titan of Crypto warned to watch the $61.5k level, as he predicted that manipulation could occur there.
Despite the market’s volatility, trading firm QCP Capital suggested that this behavior would continue. They noted that markets are currently pricing in 2 Federal Reserve cuts this year, with the first cut only expected in September.
