Bitcoin
Bitcoin Price Forecast as Weak US Jobs Data Fuels Rate Cut Hopes – Will BTC Go Up?
Last updated: May 10, 2024 04:52 EDT | 3 minutes reading
Bitcoin 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 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
(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 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.
Unlock initial benefits: 99Bitcoins token pre-sale now available!
O 99Bitcoins pre-sales are ongoing, offering a unique opportunity in cryptocurrency education. By participating in this “learn to earn” platform, users can enhance their knowledge of digital currencies while purchasing $99 BTC tokens, which are both a reward mechanism and a gateway to premium content and community benefits .
With the token price set at $0.00104 each, early investors are provided with a cost-effective entry point to begin growing their experience and investment simultaneously.
So far, the pre-sale has successfully raised $1,169,037, approaching the goal of $1,892,544. With just four days and just over an hour left until the next stage of the price increase, this limited-time offer presents a critical time for investors to purchase $99 BTC and gain access to immediate staking options.
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.
Fuente
Bitcoin
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.
Bitcoin
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.
Bitcoin
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).
Don’t miss a beat – Subscribe to receive email alerts directly to your inbox
To check Price action
Follow us on X, Facebook It is Telegram
Surf Hodl’s Daily Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: DALLE3
Bitcoin
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.
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)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive $600 welcome offer on Binance (Full details).
LIMITED OFFER 2024 on BYDFi Exchange: Welcome Reward Up to $2,888, use this link to register and open a 100 USDT-M position for free!
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.
-
News8 months ago
Wallet recovery firms are abuzz as stranded cryptocurrency investors panic in the bitcoin boom
-
Altcoins6 months ago
Three Altcoins Poised for Significant Growth in 2024: ETFS, OP, BLAST
-
Bitcoin6 months ago
Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske
-
Altcoins6 months ago
Accumulate these altcoins now for maximum gains
-
Nfts6 months ago
OG Crypto Artist Trevor Jones Unveils Groundbreaking Collection of Ordinals | NFT CULTURE | NFT News | Web3 Culture
-
Videos9 months ago
ATTENTION all cryptocurrency traders! [This Altcoin Dump Changes Everything]
-
Videos9 months ago
LIVE FOMC 🚨 Could be CATASTROPHIC for Altcoins!
-
Bitcoin6 months ago
Billionaires are selling Nvidia stock and buying an index fund that could rise as much as 5,655%, according to some Wall Street analysts
-
Videos8 months ago
STOCK MARKET FUD! ⚠️ [Why This Is GREAT For Bitcoin Traders!]
-
Videos9 months ago
“This will be the BEST Altcoin call of this cycle.”
-
Altcoins8 months ago
3 Solana Altcoins with 100X Potential in May
-
Videos8 months ago
Attention: a historically significant BITCOIN signal has just appeared!