May 25, 2024
Bitcoin Price Today is $62,388, Amidst Latest US Jobless Claims
Bitcoin price today

Bitcoin Price Today is $62,388, Amidst Latest US Jobless Claims

Thursday, May 09, 2024: Bitcoin Price Today is $62,388, experienced a turbulent period as it failed to sustain a rebound at today’s Wall Street open, with the price ticking down to $62,016. Despite new macro data favoring risk assets, BTC encountered difficulties in maintaining its upward momentum. The cryptocurrency briefly spiked to $61,750 but couldn’t hold the gain. This development occurred alongside the release of the latest US jobless claims, which surpassed expectations, reaching 231,000 compared to the anticipated 212,000.

BTC/USD 1-hour chart. Source: TradingView

Market Analysis and Predictions

The Federal Reserve’s acknowledgment of strain in the labor market along with the US jobless claims as a potential reason for interest rate cuts did little to buoy BTC/USD prices, which dropped below $61,000 at the time of writing. Popular trader Daan Crypto Trades observed significant bids between $59-60K, hinting at underlying market dynamics.

“This makes sense in terms of a price level as it’s the range low as well. Yet to be seen if price seeks the liquidity down there. Keep in mind these orders can be removed at any time.”

BTC/USDT order book liquidity data. Source: Daan Crypto Trades/X

Liquidity movements above and below the spot price indicated ongoing market volatility, with BTC remaining within a tight trading range. QCP Capital suggested that this behavior might persist, citing market expectations of two Fed cuts this year.

On a more optimistic note, some traders forecasted a potential upside for Bitcoin. Popular trader Titan of Crypto set a target of $75,000 by the end of the current consolidation period. He pointed to a possible inverse head and shoulders pattern forming, with downside risk limited to $55,000. While acknowledging the need for time and patience, Titan remained bullish on Bitcoin’s long-term prospects, foreseeing a six-figure valuation in the future.

BTC/USD chart. Source: Titan of Crypto/X

Insights and Warnings

Amidst these analyses, warnings of potential manipulation emerged. Traders emphasized vigilance around the $61.5k level, where manipulation could occur, as indicated in a post on May 8. Additionally, concerns were raised about spot bitcoin ETF flows flattening out after recent strong inflows.

Despite these challenges, market participants remained cautiously optimistic about Bitcoin’s trajectory, recognizing both short-term volatility and long-term potential. With various factors influencing price movements, including macroeconomic indicators and market sentiment, the landscape for Bitcoin continues to evolve, requiring adaptability and careful navigation from investors and traders alike.

Image by Bartek Kopała from Pixabay

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