BTC No Direction, US Jobless Claims Data Beats Expectations!


"It goes up and down, where is the price of BTC going?"

The price of cryptocurrency king Bitcoin (BTC) held its ground below $64,000 as the latest United States (US) jobless claims data hit a nine-month high of 231,000 versus expectations of 212,000.

Recently, the Federal Reserve (Fed) has indicated signs of tension in the labor market as the main reason for considering an interest rate cut, so the price of BTC could fall back between the $59,000 and $60,000 range.

Through observation, two possible rate cuts by the Fed this year where the first cut is expected to take place in September 2024 could have an impact on BTC plus spot BTC ETF inflows are found to be flat again.

According to the leading trader Titan of Crypto, BTC will probably climb up to $75,000 during this consolidation period but it should be noted that the price can also slip to $55,000 if the crypto market weakens again.

There is no denying that BTC has seen a relatively weak movement, however wallets that have 1,000 to 10,000 BTC acted to collect more than 15,000 BTC worth $941 million which shows the whales' confidence in the prospect of price increases.

As BTC moved against the United States (US) dollar index (DXY) and the US 10-year Treasury which fell today, BTC has risen slightly but investors are still awaiting further comments from Fed officials for guidance on market direction and the economic outlook.

As of this writing, BTC price has surged by 2.30% to $62,882 in the last 24 hours with a market capitalization of over $1 trillion and a 5.98% increase over the last week.