Bitcoin’s price dropped by 0.20% and was $63,000. However, the most current prediction said that it would stay the same. People are more likely to think that the Federal Reserve will lower interest rates now that new U.S. job data has come out. This might be good for investments unlike most others, like Bitcoin.
Last week, 231,000 people filed for their first time being unemployed. That’s up 22,000 from the week before and more than the 214,000 that Dow Jones had predicted. Since August 2023, the price has gone up the most. It means the job market in the U.S. is slowing down, which could make the Federal Reserve rethink how it manages funds.
Also, the number of claims still being handled went up to 1.78 million, and the average number of claims in the last four weeks went up to 215,000. The job market may be slowing down after being strong earlier because the number of people who are jobless and still filing claims keeps increasing.
Bitcoin’s Impact on Job Market Dynamics
Worse still, April’s nonfarm payroll numbers showed a gain of only 175,000 jobs. That wasn’t even close to the 240,000 jobs that were predicted. This rise has been this small since October 2023. It’s possible that the job market is changing. The unemployment rate stayed the same at 3.9%, though. For this reason, the job market might not be in a crisis. Instead, it might be getting back to normal after a long time of great growth.
Recent changes in the number of jobless claims have been seen by analysts like Christopher Rupkey and Robert Frick. More changes may be coming. These signs may be very important to the Federal Reserve as they decide what to do next. Keeping inflation at 2% is their top goal.
Rate cuts may happen faster than planned because the job market is getting worse. This could be good for Bitcoin and other cryptocurrencies. This is because when interest rates rise, the yields on fixed-income assets tend to fall. In this case, dangerous investments like Bitcoin look better. It’s being discuss about more that the Federal Reserve might ease up on interest rates as early as September. This might get more people interested in cryptocurrency.
Bitcoin’s value went down a little, but things still look good for the future. There is a big turning point at $61,011, which opens the door for future changes in direction. It is pushed back right away at $64,851. The next level of resistance is $67,084, and the next level is $69,356. Bitcoin could test these levels in the next few days if the good trend continues.
Conversely, Coin has strong support at $58,852 and more support for more drops at $56,677 and $54,327. The 50-day Exponential Moving Average (EMA) acts as support at $62,375. This shows that the market is solid but being careful. The RSI, set at 54, also shows the market is steady.
With a drop below $62,500, the price of Bitcoin could start to fall. This figure shows how important it is for the price to move soon.
Also, you can buy 99 Bitcoin tokens before they go live. People who want to learn more about cryptocurrencies can use this “learn-to-earn” tool. During the early bird deal, people can get $99BTC coins. You can use these tokens to get prizes, premium material, and community perks.
It’s easy for early adopters to get cryptocurrency for a cheap price since each coin costs $0.00104. It raised over $1.16 million, more than the $1.89 million goal. This is the only chance people have to spend funds and learn more about crypto. The pre-sale will end in four days.
