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Bitcoin Price Forecast as Weak US Jobs Data Fuels Rate Cut Hopes – Will BTC Go Up?

SatoshiTimes Staff

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Bitcoin Price Prediction

Last updated: May 10, 2024 04:52 EDT | 3 minutes reading

Bitcoin Price PredictionBitcoin Price Prediction

Bitcoin (BTC) fell slightly by 0.20% to settle at $63,000, but maintains a bullish stance in the latest bitcoin price prediction. The rise in jobless claims to 231,000, the highest since August 2023, suggests a cooling in the US labor market, leading to early action by the Federal Reserve.

This could lead to rate reductions earlier than anticipated, influencing Bitcoin’s appeal as a non-traditional investment.

US jobs data sparks rate cut speculation – what’s next for BTC

The Department of Labor reported a notable increase in initial fees unemployment insurance claims for the week ending May 4reaching 231,000 – 22,000 more than the previous week and well above the Dow Jones estimate of 214,000.

This marks the highest level since August 26, 2023, signaling possible economic tensions and a cooling of the labor market that had previously shown resilience.

Initial Unemployment Insurance ClaimsInitial unemployment insurance claims – Source: Tradingeconomics

Continuing claims also increased, rising by 17,000 to 1.78 million, while the four-week moving average of claims rose to 215,000. These numbers suggest a gradual economic slowdown, prompting discussions about potential early rate cuts by the Federal Reserve to stimulate growth.

Such a slowdown in the job market has historically been a catalyst for the price of Bitcoin as investors turn to non-traditional assets.

Non-agricultural payroll increases concern

Of april non-farm payroll data added to these concerns, showing a gain of just 175 thousand jobs, well below the 240 thousand expected. This was the smallest increase since October 2023. However, the unemployment rate remains stable at 3.9%, down from 4% since February 2022, indicating that the job market is not in crisis but may be returning to normal. .Analysts Christopher Rupkey and Robert Frick noted the volatility and a surprising increase in unemployment benefit claims, suggesting potential additional fluctuations in the job market. Officials at the Federal Reserve, whose goal is to maintain a 2% inflation rate, carefully examine these circumstances.

  • The recent increase in unemployment benefit claims in the US suggests a potential economic slowdown.
  • April’s modest employment gains and stable unemployment suggest market normalization.
  • The Fed could cut rates sooner, possibly increasing investment in Bitcoin as lower rates reduce yields on fixed income assets.

As expectations grow that the Fed will ease monetary policy in response to the weakening labor market, possibly initiating rate cuts as early as September, Bitcoin could benefit. Lower interest rates make riskier assets like cryptocurrencies more attractive.

Bitcoin Price Prediction

Bitcoin

(BTC) sees a small decline of 0.20% with the current trading price at $63,000, however, bitcoin price prediction still remains optimistic.

The pivot point at $61,011 sets the stage for determining directional moves, with immediate resistance seen at $64,851. If the bullish momentum prevails, subsequent resistance levels at $67,084 and $69,356 could be tested.

Bitcoin Price PredictionBitcoin Price Prediction – Source: Tradingview

On the other hand, immediate support forms at $58,852, with further downside protection seen at $56,677 and $54,327. The RSI at 54 indicates a relatively neutral market stance, while the 50-day EMA at $62,375 provides underlying support near the $62,000 mark, suggesting balanced but cautious market sentiment.

A decisive move below $62,500 could trigger a significant selling trend, highlighting the importance of this threshold in BTC’s short-term price action.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You can lose all your capital.

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We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin

What to watch for in the markets

SatoshiTimes Staff

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What to watch for in the markets

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

  • Verizon will report earnings before the start of operations.

Tuesday

  • Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
  • Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
  • Alphabet and Visa will report results after the market closes.

Wednesday

  • AT&T will release its report before the market opens.
  • Ford and Chipotle will report earnings after the market closes.

Thursday

  • Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

SatoshiTimes Staff

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Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

SatoshiTimes Staff

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Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Here’s the next target for BTC before bulls can hold out for $70K

SatoshiTimes Staff

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Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

Source: TradingView SPECIAL OFFER (Sponsored)
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Disclaimer: The information found on CryptoPotato is that of the writers quoted. It does not represent the opinions of CryptoPotato about buying, selling, or holding any investments. It is advised that you conduct your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.

Cryptocurrency Charts by TradingView.

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