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

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 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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