BTC price aims for $68K as US unemployment beat ups Fed rate cut odds
2024.10.24 09:58
Bitcoin (BTC) erased losses into the Oct. 24 Wall Street open as US unemployment data delivered another surprise.
BTC/USD 1-hour chart. Source: TradingView
US jobless claims sustain BTC price rebound
Data from Cointelegraph Markets Pro and TradingView revealed 1.5% BTC price gains on the day.
A firm rebound from ten-day lows of $65,000 continued as initial jobless claims came in below expectations for a second consecutive week at 227,000 versus 241,000 on Oct. 17.
Bets that the Federal Reserve would cut interest rates again at its Nov. 7 meeting increased modestly as a result to 92.9%, per data from CME Group’s FedWatch Tool.
Fed target rate probabilities. Source: CME Group
BTC price action thus approached a cloud of resistance liquidity around $68,000, order book coverage from monitoring resource CoinGlass showed.
BTC liquidations heatmap (screenshot). Source: CoinGlass
“$BTC short liquidations at $68,200, also the failed level from Monday,” popular trader Justin Bennett noted in his latest post on X.
“Sweep shorts before retargeting $65,800 and potentially the monthly open? Invalidation on a daily close above $68,200.”
BTC/USDT perp contract 1-day chart. Source: Justin Bennett/X
Crypto trading platform Hyblock Capital meanwhile sought to explain the trip to $65,000.
“The price of $BTC started decreasing at the start of the week. Longs began chasing, trying to catch the bottom (highlighted in green),” it explained alongside a corresponding chart.
“Price fell further and trapped these longs. Most of the recent downmove is aggressive longs closing their positions.”
BTC/USDT perp contract chart. Source: Hyblock Capital/X
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.
Related: Bitcoin analysis sees ‘lower risk aversion’ as retail demand adds 13%
The best outcome for a breakout with staying power, he argued, would be if the current weekly candle were to close above $67,900.
“Bitcoin is still retesting the Channel Top (black) as support on the Daily timeframe,” he continued.
“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.”
BTC/USD 1-day chart. Source: Rekt Capital/X
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
