30s Summary

Bitcoin (BTC) prices fell amid increased U.S. jobless claims and anticipation of interest rate cuts. Expectations were split over Bitcoin’s short-term behavior, with some foreseeing a dip to around $60,000 before a market level, while others favored a jump above Bitcoin’s 2021 record of $69,000. Ongoing U.S. unemployment data and the upcoming presidential elections are influencing market sentiment. The European Central Bank (ECB) made a 0.25% cut, mirroring what many expected from the Federal Reserve’s November meeting.

Full Article

Bitcoin (BTC) prices dropped as the U.S. jobless claims went up, making people nervous about potential interest rate cuts. Bitcoin was hovering around $67,000 at the time of writing, going with the flow of the mixed vibes from U.S. unemployment data.

The newest jobless claims were lower than the expected 258,000, but there were a higher number of ongoing claims than anticipated. This shake-up in the jobs market made people skeptical about how large the interest rate cuts would be.

Many had their money on a 0.25% reduction at the Federal Reserve’s November meeting, according to the latest stats from the FedWatch Tool by the CME Group.

On the other side of the pond, the European Central Bank (ECB) went ahead and made a 0.25% cut.

With no big economic events on the horizon, Bitcoin and other crypto fans were focused on the upcoming U.S. Presidential Election, which happens to be in the same week as the Federal Reserve meeting.

Trading Firm QCP Capital shared on its Telegram channel that even though everyone’s watching the election, it’s still unclear where Bitcoin would move post-election.

On the topic of short-term BTC behavior, opinions were split on whether the bulls could keep up the momentum.

“The recent short squeeze has mostly played out,” an account called TheKingfisher noted in a recent post. TheKingfisher also hinted that there could be a dip to 60k after another push-up to 73k, which could help level the market again.

According to CoinGlass, there has been an increase in asks around $68,000 with clusters at $68,500 – just above the previous day’s high.

Despite all of this, there were many people who favored a jump above Bitcoin’s old 2021 record of $69,000.

“Regardless of the quick reactions to the economic data, Bulls want to see price stay above the key MA’s,” said Keith Alan, co-founder of trading resource Material Indicators. He added that a consolidation above the ’21 Mid-Cycle Top before trying to hit $70k would be healthier for the market, but admitted that the market doesn’t care about his opinion.

Please be aware, investing and trading, in general, involve risks and you should do your own research before making any decisions.

Source: Cointelegraph