Bitcoin Price Reaches Weekly High Near $58.5K Following US Job Data

Bitcoin buyers have emerged as the US jobless claims fall short of predictions, with significant buy orders on Binance contributing to a rise in BTC price, reaching weekly highs.

Market Performance

On August 8, Bitcoin (BTC) surged past $58,000, coinciding with the release of US unemployment data that positively impacted market sentiment. According to TradingView, BTC hit local highs of $58,482 on Bitstamp, marking its best performance of the week.

Positive Economic Signs

• The latest data revealed initial jobless claims at 233,000, which was better than expected.
• This development has fostered optimism regarding the economy, despite prior recession concerns.

Economist Mohamed El-Erian commented on the significance of this report, indicating that a figure below 230,000 could signal a gradual normalization in the labor market.

Market Reactions

Following the job claims report, monitoring service CoinGlass noted a notable increase in buy orders, with traders on Binance placing BTC orders totaling $30 million. However, there remained a cautious sentiment given recent price fluctuations.

Trader Insights

• Popular trader Roman forecasts that BTC/USD may peak at $60,000 before any possible retreat back to lower levels.
• He pointed out a bearish price action, indicating decreased volume alongside increasing prices, suggesting a downturn once resistance is met.

In contrast, fellow trader Daan Crypto Trades observed that minimal significant liquidity exists to the downside, stating, “It has taken out whatever liquidity was left below, all the way down to sub $50K.” He emphasized that the $70K-$72K region is worth monitoring, although the market is currently far from any substantial liquidity cluster.

Market Gap and Future Prospects

Additionally, Bitcoin’s recent price movement has partially filled a gap in CME Group’s Bitcoin futures market.

It is important to remember that this information does not constitute investment advice. All investments carry risks, and it is crucial for individuals to conduct thorough research before making financial decisions.