As an analyst with over two decades of experience in the financial markets, I have seen my fair share of market movements and surprises. Today’s Bitcoin (BTC) price action is a classic example of how economic data can significantly impact the cryptocurrency market. The latest US jobless claims data, coming in below expectations for a second consecutive week, has fueled optimism among traders, resulting in a 1.5% BTC price gain on the day.
On October 24, Bitcoin (BTC) managed to recover its losses at the opening of Wall Street, thanks to another unexpectedly positive US employment report.
US jobless claims sustain BTC price rebound
Data from CryptoMoon Markets Pro and TradingView revealed 1.5% BTC price gains on the day.
The bounce back from a ten-day low of $65,000 persisted, with the initial jobless claims coming in lower than anticipated for the second week in a row at 227,000, instead of the expected 241,000 on October 17.
The likelihood that the Federal Reserve will reduce interest rates again during its November 7th meeting slightly rose, according to statistics from CME Group’s FedWatch Tool, up to approximately 92.9%.
As the price of Bitcoin moved closer to the barrier of resistance at approximately $68,000, data from the tracking tool CoinGlass revealed substantial liquidity in the area.
In his recent update on platform X, trader Justin Bennett pointed out that there were short liquidations for Bitcoin (BTC) at around $68,200, a price point that also failed to hold during Monday’s trading.
“Sweep shorts before retargeting $65,800 and potentially the monthly open? Invalidation on a daily close above $68,200.”
Crypto trading platform Hyblock Capital meanwhile sought to explain the trip to $65,000.
As a crypto investor, I noticed that the price of Bitcoin ($BTC) began dipping at the onset of this week. In an attempt to snatch the potential bottom, long positions were aggressively pursued, as evidenced by the highlighted green zone on the chart.
“Price fell further and trapped these longs. Most of the recent downmove is aggressive longs closing their positions.”
Bitcoin breakout hinges on weekly close
Updating X followers on progress beating out seven-month resistance in place since the March all-time high, meanwhile, trader and analyst Rekt Capital stayed positive.
For a lasting impact, it’s beneficial to envision a powerful breakout happening at the end of this week, ideally resulting in the closing price surpassing $67,900.
He went on to say that Bitcoin is being tested again at the upper line (black) as a potential support level, when viewed from the Daily chart perspective.
“Yes, Bitcoin downside wicked below briefly but continued candle-closes above the Channel Top mean that price is trying to solidify a sustainable support here.”
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2024-10-24 16:58