Originally published on: October 24, 2024
In a surprising turn of events, Bitcoin (BTC) experienced a significant price surge as US unemployment data exceeded expectations on October 24. The BTC/USD chart displayed a 1.5% gain, with the digital currency aiming for $68,000.
Following a rebound from the 10-day low of $65,000, Bitcoin’s price surged as initial jobless claims fell below expectations for the second consecutive week, coming in at 227,000 versus 241,000 on October 17. This led to increased speculations that the Federal Reserve might cut interest rates again at its upcoming meeting on November 7, with the odds now sitting at 92.9%.
The BTC price action approached a key liquidity resistance level around $68,000, signaling a positive trend in the market. As traders closely monitor the developments, it is essential to note that Bitcoin’s success in breaking the seven-month resistance since the March all-time high could pave the way for further gains.
Crypto trading platform Hyblock Capital explained the recent price fluctuations, highlighting the significance of support and resistance levels in Bitcoin trading. Analysts and traders are optimistic about the potential breakout if Bitcoin manages to close above $67,900 by the end of the week.
While this article does not provide investment advice, it emphasizes the importance of conducting thorough research before making trading decisions. Stay informed with critical insights on market trends, investment opportunities, and risk mitigation strategies by subscribing to our Markets Outlook newsletter today.
