Originally published on: October 24, 2024
Bitcoin’s price surged as US unemployment data exceeded expectations, boosting hopes for a Federal Reserve rate cut. The cryptocurrency erased previous losses, gaining 1.5% on the day and approaching a key resistance level at $68,000.
Positive unemployment figures and expectations of a rate cut pushed Bitcoin towards higher highs. Traders and analysts are closely watching the $68,000 level for potential breakouts and liquidations.
Hyblock Capital provided insight into Bitcoin’s recent price movements, highlighting the significance of longs chasing the market. Meanwhile, Rekt Capital expressed optimism about breaking through seven-month resistance levels.
As Bitcoin targets $68,000, investors should conduct their own research and exercise caution when making investment decisions. Stay informed with critical insights in our Markets Outlook newsletter for the latest updates in the cryptocurrency market.