30s Summary

Bitcoin’s price rose 1.5% on October 24, following lower than expected US jobless claims, prompting speculation that the Federal Reserve may cut interest rates. Bitcoin rebounded from lows of $65,000 over ten days, with bets on a Fed rate cut estimated at 92.9%. Resistance liquidity was nearing $68,000. Bitcoin’s short liquidations were at $68,200, a level it couldn’t maintain. Its price drop at the week’s start was attributed to aggressive long-term investors, leading to further price decreases. Positive long-term prospects for Bitcoin were predicted if the weekly candle closed above $67,900.

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Bitcoin managed to shake off its losses as it opened on Wall Street on October 24, thanks to an unexpected twist in US unemployment data.

One look at data from Cointelegraph Markets Pro and TradingView showed Bitcoin’s price had climbed by 1.5% that day. Bitcoin’s price had been rebounding from lows of $65,000 over a period of ten days, as initial jobless claims showed lower than expected results for two straight weeks, clocking in at 227,000 as opposed to a prediction of 241,000 on October 17.

As a result of these figures, bets are on the Federal Reserve possibly reducing interest rates for their November 7 meeting. CME Group’s FedWatch Tool estimates this chance at 92.9%.

Order book data from monitoring resource CoinGlass suggest that Bitcoin’s price action was nearing a resistance liquidity—the point where buying pressure is expected to exceed selling pressure—around $68,000.

Well-known trader Justin Bennett pointed out Bitcoin’s short liquidations at $68,200, which was also the level it couldn’t maintain from the past Monday.

Hyblock Capital, a crypto trading platform, attempted to explain the decrease to $65,000. They reported that Bitcoin’s price dropped at the start of the week and as it did, long-term investors attempted to “catch the bottom”. This led to a further decrease in price as those aggressive investor closed their positions.

Trader and analyst Rekt Capital remains hopeful regarding Bitcoin’s situation, suggesting that the best outcome for a long-term price increase would be if the current weekly candle—which charts Bitcoin’s price movements—closed above $67,900.

Lastly, remember that investing and trading always come with a certain degree of risk and it’s important you do your own research before making any decisions.

Source: Cointelegraph