Bitcoin News, Crypto News
BTC Price Targets $68K as Strong US Employment Data Increases Fed Rate Cut Expectations
Oct
Bitcoin’s Price Target Set at $68K Following US Employment Data
Bitcoin is experiencing a rise in value attributed to recent US jobless claims, quickly recovering from a dip to $65,000.
US Jobless Claims Fuel Bitcoin’s Price Recovery
On October 24, Bitcoin (BTC) rebounded strongly as new data from the US labor market showed a surprising decrease in unemployment claims.
According to data from TradingView, Bitcoin’s price gained 1.5% on the day. This rise followed a recovery from ten-day lows of $65,000, spurred by initial jobless claims dropping to 227,000, down from 241,000 reported on October 17.
This data has led to increased expectations that the Federal Reserve may implement another interest rate cut during its upcoming meeting on November 7, with the probability rising to 92.9%, as indicated by the CME Group’s FedWatch Tool.
As a result, Bitcoin’s price approached a critical resistance level near $68,000, according to data from CoinGlass.
Popular trader Justin Bennett observed the short liquidation levels around $68,200, highlighting it as a crucial point for potential price movements.
“Short liquidations at $68,200, also the previously failed level from Monday. Is there a chance we might target $65,800 again?”
Hyblock Capital provided insights on Bitcoin’s price movements, noting the recent drop to $65,000 was spurred by aggressive long positions closing out their trades.
“Initially, the price began decreasing at the week’s start as longs attempted to capture the bottom, but they were quickly trapped.”
Potential for Bitcoin Breakout Depends on Weekly Close
Trader and analyst Rekt Capital indicated that for a lasting breakout to materialize, it is essential for the current weekly candle to close above $67,900.
“Bitcoin is currently retesting the Channel Top as support on the daily timeframe. Sustainable support is crucial for further price gains.”
This content is for informational purposes only and does not constitute investment advice. All investments involve risk, and it is advised to conduct thorough research before making any financial decisions.